A 1993-built Singapore-flagged VLCC Varada Blessing has been sold at a price of RMB81m ($11.8m) after it was auctioned on Taobao, China’s largest online shopping website, reports said.
George Economou’s Dryships has re-entered the tanker market buying an aframax and a VLCC.
Despite the difficult shipping markets in 2016 traffic in the world’s busiest shipping lane – the Straits of Malacca and Singapore (SOMS) – were up 3.4% to a new all time high of 83,740 transits.
John Fredriksen’s Frontline has launched a defence of its offer for DHT Holdings which has been publicly rejected.
Frontline acquisition target DHT Holdings has ordered two VLCC newbuildings from Hyundai Heavy Industries (HHI).
John Fredriksen’s Frontline is seeking to takeover rival tanker owner DHT Holdings in a stock-for-stock deal.
Saudi Arabia’s national shipping company Bahri, saw profits fall by 42% in the last three months of 2016.
Coal and shipping solutions provider Agritrade Resources has completed the purchase of its third VLCC, the company announced to the Hong Kong Stock Exchange.
China’s Unipec remained by far the largest spot charterer of crude tankers in 2016 according brokers Poten.