Saudi Tanker Company Bahri Targets Acquisitions in Asia, Middle East

By Marwa Rashad RIYADH, Nov 7 (Reuters) - Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday. Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public … [Read more...]

Biggest U.S. East Coast Oil Refinery Files for Bankruptcy

By Barbara Powell and Tiffany Kary (Bloomberg) -- Philadelphia Energy Solutions LLC, owner of an oil refinery that supplies more than a quarter of the U.S. east coast’s crude refining capacity, filed for bankruptcy with a plan that could allow it to shed some environmental costs. The restructuring would allow PES to emerge a new company with the same stakeholders, … [Read more...]

Supertanker Earnings Fall Victim to OPEC Oil Cuts

By Firat Kayakiran (Bloomberg) -- OPEC’s strategy to end a worldwide crude glut is causing havoc for a vital link in the oil industry’s supply chain: the fleet of supertankers that shuttle fuel between continents. The ships’ average earnings plunged last year by more than half to levels not seen since 2009 and far below what shipping analysts had been predicting. Now, the … [Read more...]

Euronav, Gener8 Maritime Merger to Create World’s Leading Independent Tanker Company

Belgian tanker company Euronav (NYSE:EURN, Euronext:EURN) and its New York-based rival Gener8 Maritime (NYSE:GNRT) have agreed to merge, thus creating the world's leading independent operator of large crude tankers. The agreement, announced Thursday, calls for a stock-to-stock merger for the entire issued and outstanding share capital of Gener8, through which Gener8 would … [Read more...]