Featured in this tanker news round-up: the debut of a tanker company on NYSE, revelations of dark fleet movements, Concordia market update, and the latest AiP and technology news
Company news
Okeanis Eco Tankers Corp, whose fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers, will list its common shares on the New York Stock Exchange (NYSE) 11 December 2023, alongside the secondary listing on Oslo Børs.
The trading suspension on the company’s common shares on Oslo Børs, which was in effect 7 December 2023, has now ended.
Okeanis Eco Tankers Corp engaged Advokatfirmaet BAHR AS as its Norwegian legal advisor, while Watson Farley & Williams LLP (WFW) acted as its US legal counsel. WFW New York Corporate team advising Okeanis was led by partner Steven Hollander, supported by counsel Todd Johnson and associates Ioanna Pantelaki and Chloe Sucato.
Mr Hollander commented, “We are delighted to be assisting Okeanis on this key transaction, which represents an exciting milestone for the company.”
With the NYSE listing and secondary listing on Oslo Børs, Okeanis Eco Tankers Corp has expanded its market presence and is offering new opportunities to investors.
In other tanker investor news, Scorpio Tankers has announced it is committed to repaying debt on 13 product tanker leases.
The 13 vessels in question comprise 10 MR tankers and three handymax tankers.
Scorpio Tankers chairman and chief executive officer Emanuele Lauro, commented “The product tanker market remains strong, MR rates have led the way and we are seeing an improvement in LR2 rates as winter demand increases and Middle East refinery maintenance concludes. Our balance sheet continues to improve and the commitments to repay the debt or lease financing obligations on 13 vessels reflect our commitment to lowering leverage and borrowing costs.”
Dark fleet update
Local news sources report 2000-built, 150,000-dwt Suezmax tanker Liberty, which ran aground in the Singapore Straits last week, has now been refloated by five tug boats. The commercial controller of the Cameroon-flagged vessel is believed to be a Russian entity.
Meanwhile, 1997-built, 106,500-dwt Aframax tanker Turba, which was reported in October 2023 as adrift by the Indonesian Coast Guard off the coast of Indonesia, is now at the Russian port of Ust-Luga, according to VesselsValue tracking service.
In other news, it is reported that Continental Steamship P&I club, which had insured Liberty, has been ’forcibly dissolved’ by the Marshall Islands, which was the firm’s only published address.
Concordia market update
Concordia’s latest market update reported the MR global basket index experienced steady earnings throughout November 2023, averaging US$20,000 per day – in line the earnings observed over the past three months.
However, the Swedish operator noted vessels equipped with scrubbers and those involved in triangulation are likely achieved higher earnings.
Another observation was a disparity between Atlantic and Pacific/Asian rates emerged in November 2023, with the Atlantic region witnessing a substantial surge, with rates peaking at around US$50,000 per day during the latter half of the month.
Commenting on the sale and purchase market, Concordia noted a newbuild resale MR tanker ex-yard now is valued at a ‘whopping’ US$52M.
AiP update
ClassNK, a leading classification society, has recently granted approvals in principle (AiPs) to four innovative ship designs created by the renowned Marine Design & Research Institute of China (MARIC). These cutting-edge designs will address the industry’s pressing need for environmentally friendly alternatives as it moves closer to achieving net-zero emissions.
The four ship designs include a 210,000-dwt methanol dual-fuel bulk carrier, a 210,000-dwt ammonia dual-fuel bulk carrier, a 210,000-dwt LNG dual-fuel bulk carrier, and an 88,000-dwt LPG dual-fuel very large gas carrier.
ClassNK conducted the verification in line with relevant rules corresponding to respective ship type, including its Guidelines for Ships Using Alternative Fuels.
ClassNK (China) president Fumihiko Higashi said, “ClassNK is proud to have completed the design review for these AiPs. We believe this certification, stemming from the collaborative efforts of MARIC and ClassNK, will serve as a testament to the integrity of these diverse designs. More importantly, it acts as a catalyst in accelerating the uptake of alternative fuels on board, aligning with global environmental goals.”
Technological developments
AkzoNobel has joined forces with China’s Wuxi El Pont Radiation Technology Ltd (El Pont) to explore the possibilities of using electron beams as an alternative solution for curing coatings on metal substrates.
This strategic partnership aims to develop a pioneering process that harnesses the power of e-beam technology. The use of electron beams has the potential to revolutionise the coating industry due to lower energy consumption and increased productivity.
This innovative approach offers significant advantages over conventional thermal curing methods. Moreover, it also has a positive impact on the environment by reducing emissions and waste.
By using a directed stream of electrons, the e-beam technology delivers the precise amount of energy required to cure coatings and produce a high-quality final film.
This process ensures the enhanced performance and durability of the coatings, meeting the stringent requirements of various industries.
AkzoNobel director of industrial coatings Jim Kavanagh said, “We’re extremely excited about the possibilities of e-beam technology and the benefits this partnership could bring. By working together with Wuxi El Pont, we’ll be able to leverage its expertise and experience of electron accelerators and beam devices and innovate sustainable solutions together.”
El Pont chairman Dr Yuwei Zhang commented, “We are committed to developing China’s civil nuclear technology and expanding the application of electron beam technology. We have every confidence that the combination of our process development capabilities for low-energy electron beam equipment with AkzoNobel’s research and development expertise will prove to be a success. Our close co-operation will accelerate the low-carbon transformation of the paints and coatings industry, improve product quality and safety, and provide strong support for the industry to make strides towards carbon neutrality as soon as possible.”
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