Suezmax Charter Costs at 16-Year Low

By Isaac Arnsdorf Oct. 1 (Bloomberg) -- Charter costs for tankers hauling 1 million barrels of oil fell to the lowest in at least 16 years as the glut of vessels seeking cargoes leaves owners accepting rates that fail even to cover fuel expenses. Suezmax earnings turned negative for the first time since at least 1997, dropping to $3,456 a day, according to data from … [Read more...]

Nordic American Tankers May Double Its Fleet

(Bloomberg) -- Nordic American Tankers Ltd., the third-largest owner of oil tankers hauling 1 million-barrel cargoes, said it may double its fleet within half a decade, betting rising Asian energy demand will snap a rout in rates. The Hamilton, Bermuda-based ship owner may expand its Suezmax fleet to 40 from 20 now, Chief Executive Officer Herbjorn Hansson said in a phone … [Read more...]

New Suezmax Tanker Quotes 10-15% Fuel Savings

Suezmax tanker AST Sunshine is expected to deliver fuel savings of 10-15% compared to standard tonnage. The tanker, a third generation, fuel-efficient Suezmax, will be employed on the spot market via the Stena Sonangol Suezmax Pool. It is owned by Stena Bulk and Japanese Asahi Tankers, which each have a fifty percent stake in the joint venture Asahi Stena Tankers. The … [Read more...]

Dryships Takes $21 Million Thumping to Get out of Suezmax Newbuild Contracts

ATHENS - DryShips Inc. (NASDAQ: DRYS) announced today the sale, via novation, of two of its 158,000 DWT suezmax dry bulk carriers, the Esperona and Blanca, which are under construction at Samsung Heavy Industries. The tankers were initially ordered by Dryships at the end of 2010 with a staggered delivery over a two year period.  Dryships' idea at the time, according to their … [Read more...]