Russian shipowner PAO Sovcomflot (SCF Group) has secured $252m in financing for six LNG-fuelled aframax newbuildings currently under construction.
Kuwait Oil Tanker Co (KOTC) says it is seeing “measurable improvements” from implementing DNV GL’s ECO Insight performance management solution across its entire fleet.
Senior executives at products tanker pool operator Hafnia Management are quietly optimistic about their market in 2019 and beyond. Speaking of the demand supply balance, Hafnia ceo Anders Engholm told journalists: “We haven’t seen an imbalance like this in our favour for quite some time.”
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.
Mitsui OSK Lines (MOL), one of Japan's big three shipowners, is undertaking a restructuring of its organisation that includes a new technical innovation unit.
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.
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.
More validation is emerging for Wärtsilä’s dual fuel concepts and technology with the signing of orders for a new shuttle tanker concept developed by the world’s largest provider of shuttle tanker services; Teekay, in close cooperation with Wärtsilä.