Rumours of the sale of Euronav’s ULCC Oceania, a rare VLCC newbuilding contract on the horizon and reports of funding for tanker companies and service providers
Rumours resurface of the sale of ULCC Oceania
In early 2023, shipbrokers reported 2003-built, 441,561-dwt ULCC tanker Oceania had been sold by Euronav to third-parties. The same rumours have resurfaced in 2024, with unnamed Chinese entities being reported as the buyer, although Euronav has issued no statement regarding a sale, and the vessel remains on the fleet list.
At one time, Euronav had control of all four of these famous ‘White Elephants’ ULCCs.
Newbuilding contracts
Brokers and shipbuilding newsletter BRL Weekly Newbuilding Contracts reported Kuwait Oil Tanker Company (KOTC) is asking for quotes from shipyards for a new VLCC to be ordered in 2024, and this is linked to an order for three 174,00-m3 LNG carriers.
Lawyers representing Penfield Marine in sale to Maersk Tankers
US-based law firm Seward & Kissel has announced it represented Penfield Marine in the major fleet transaction with Maersk Tankers.
Hunter Group contemplates private placement
Hunter Group has announced a contemplated private placement of up to US$12M, issuing new shares which will fund working capital in connection with two three-year back-to-back charterparties on an eco-design, scrubber-fitted VLCC, which it has placed at US$51,000 per day.
Hunter has appointed DNB Markets, a part of DNB Bank and Fearnley Securities, as joint bookrunners in connection with the private placement.
In 2023, 5h3 Hunter Group announced it is exploring opportunities in CCS.
DHT announces Q3 2023 financial results
DHT, a tanker company listed on the New York Stock Exchange with an interests in VLCCs, has reported its Q3 2023 financial filings.
The company achieved average combined time charter equivalent earnings of US$42,500 per day, and comprised of US$35,500 per day for DHT’s VLCCs on time-charter and US$44,700 per day for VLCCs operating in the spot market.
The company’s shipping revenues for Q3 2023 were US$130M compared with shipping revenues of US$108M in Q3 2022, attributable to higher tanker rates.
Vortexa raises more funds
Real-time data and advanced analytics for energy and freight firm Vortexa has successfully completed its US$34M Series C funding round, led by investment funds managed by Morgan Stanley Expansion Capital, which brings the total amount raised by Vortexa since inception to more than $60M.
Two more methanol-ready coastal tankers placed by Thun Tankers
Erik Thun Group has ordered more methanol dual-fuel coastal tankers from Shipsveerf Ferus Smit in the Netherlands.
The two new tankers add to the six previously ordered sisters, bringing the total number to eight R-class vessels on order. Thun Resource, the first in the R-class series, is already launched and soon ready for delivery.
Concordia Maritime issues January 2024 market report issued
In its latest tanker market update, Concordia Maritime chief executive Erik Lewenhaupt commented, “2023 has been an eventful year with historically good returns due to changed trading patterns, firm demand and limited supply growth. We start this year with uncertainly due to wars, economic development and regulatory changes.”
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