Bahri has confirmed an attack earlier this week on one its VLCCs by Houthi rebels in the Bab al-Mandab Straits, but a wider threat to commercial shipping is not seen.
With 3.5m dwt of tankers scrapped so far this year alone, VesselsValue.com noted that high scrapping and market consolidation will contribute to better returns for owners over the next several years.
Defying difficult market conditions traffic in the world's busiest shipping lane, the Malacca Straits, continued to grow over the last three years hitting an all time high of 84,456 transits in 2017.
Foresight Group run by London-based entrepreneur Ravi Mehrotra has bought a1999-built VLCC from John Fredriksen’s Frontline Shipping for an undisclosed sum.
Saudi Arabia’s Bahri is continuing to consolidate its position as the world’s largest owner and operator of VLCCs with delivery of its 42nd VLCC.
The joint venture between Saudi Aramco, Bahri, Lamprell and Hyundai Heavy Industries to build a $5.2bn mega-yard in Saudi Arabia has been officially launched.
Bimco says that caution will be needed in 2018 to sustain the improvement in shipping markets last year, with China remaining as the driving force of demand.
The announcement of Euronav’s all-share acquisition of Gener8 Maritime came after years of pounding the virtues of the C-word – consolidation - by Euronav’s ceo Paddy Rodgers.
Euronav is taking over Gener8 Maritime in an all stock merger creating a new giant in the large tanker sector.
Euronav has sold a 13-year old VLCC for $45m for conversion to an FPSO.