Tanker companies General Maritime Corporation and Navig8 Crude Tankers Inc. have announced today they have entered into a definitive agreement to merge their respective assets into a new tanker company named Gener8 Maritime Inc. Upon closing of this deal, Gener8 Maritime will have a combined fully-delivered fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 … [Read more...]
Asia Buyers of U.S. Oil Struggle on Tight Ship Supply
By Anna Louie Sussman and Florence Tan NEW YORK/SINGAPORE, Aug 13 (Reuters) - Asian buyers of ultra light oil from the United States are struggling to find small-sized ships willing to undertake the month-long voyage at affordable rates as U.S.-Asia oil trade flows grow. U.S. exports of the ultra light oil to Asia are expected to double in August with two shipments lined … [Read more...]
Navig8 Chemical Adds Two Eco Tankers to Growing Orderbook
Navig8 Chemical Tankers on Friday announced that it has signed shipbuilding contracts for the construction of two 25,000 dwt eco-design Stainless Steel Chemical Tankers to be built at Fukuoka Shipbuilding, further expanding the company's growing newbuild orderbook. "We are experiencing robust growth for chemical tanker demand, in particular for long haul cargoes. We … [Read more...]
Navig8 Tankers Continues Massive Fleet Expansion Amid Somewhat Dodgy Conditions
London-based Navig8 Tankers is well on their way to achieving a significant position in the evolving tanker market as they continue to head to Asian shipyards with orders for more ships. After issuing over 1.8 million shares in a private share placement, Navig8 added $245 million to their coffers which has allowed them to fund their existing eight VLCC newbuilds under … [Read more...]
STX Shipbuilding Wins Major Crude Tanker Order
STX Offshore and Shipbuilding has won a 746 billion won (US$696.5 million) order today to build 13 crude oil tankers including three Suezmax and ten Aframax-sized vessels, according to an exchange statement. In a conversation with Navig8 Tankers this morning, the shipowner has claimed at least eight of those tankers plus four options. It's unclear at this time who the other … [Read more...]