John Fredriksen’s mighty Frontline second quarter results released last week will have sent shivers down the spines of owners in the crude tanker market. Despite its legendarily tight operation, the New York-listed tanker giant managed to lose ...
Bureau Veritas (BV) has been nominated by Saipem to oversee the conversion of two VLCCs into turret-moored Floating Production Storage and Offloading (FPSO) vessels as part of a $4bn project commissioned by Total.
Owners of large tankers may still have been losing money as second quarter results of listed companies seem to show, but confidence in the sector appears to be growing. Increased earnings in the second quarter and further increases at the start of...
A better first quarter than in 2013 saw owners of the larger sizes of tankers just about wash their faces financially, but it is a different story now.
The misery goes on in the large crude tanker sector with most routes delivering abysmal earnings for owners. VLCC earnings out of the Gulf last week were $6,000 a day or worse East and West.