Tanker stocks ready to rise?

[ron]

December 27, 2007

Supertanker seized over SKorea's worst oil spill: officials

A Hong Kong-registered supertanker at the centre of South Korea's worst oil spill has been impounded until clean-up costs of more than 11 million dollars are paid, anti-pollution officials said Wednesday.

The 147,000-tonne Hebei Spirit was seized after a writ was filed by the Korea Marine Pollution Response Corporation, an association of owners of tankers and oil storage facilities. "We sought the court ruling to ensure we retrieve the clean-up costs," a corporation spokesman told AFP, saying it had spent 10.4 billion won (11.7 million dollars) as of Saturday.

The anchored supertanker spilt some 10,900 tonnes of crude oil when it was rammed by a drifting barge in rough seas off the western county of Taean on December 7, polluting beaches and scores of marine farms. A spokesman for the Ministry of Maritime Affairs and Fisheries said it was too early to estimate total damage to fish farms and other businesses.

"Local authorities are now helping victims there with information on how to collect evidence of direct and indirect damage to seek compensation in the future," he said. "However, it's too early to say exactly who should be held responsible for the accident and how much damages should be paid." The accident happened when a tugboat snapped its towing cable and the barge carrying a crane began drifting in rough seas.

It smashed into the anchored supertanker, holing it in three places. The tanker is owned by Hebei Shipping Co, a Hong Kong corporation, and managed by British firm V.Ships. V.Ships, in a letter earlier this month, acknowledged the tanker owners have a responsibility for the pollution even though it said they were blameless. But it urged Samsung Heavy Industries, the barge operator, to accept its responsibilities.

The captains of the tugboat and the barge have been arrested on suspicion of negligence and violation of pollution laws. The barge captain is suspected of having ordered his crew to sail despite rough seas, Coast Guard officials have said. Tens of thousands of police, troops and volunteers have staged a huge clean-up of the shoreline but environmentalist say the damage could last for years.

Source: AFP

[ron]

01/03

Persian Gulf Oil-Tanker Rates May Fall on Vessel Supply Surplus

The cost of shipping Middle East crude to Asia, the world's busiest market for supertankers, may fall after a lull in demand over the year-end left a surplus of ships.

The list of ships competing for cargoes is ''a bit long'' and the ''trend is down'' in rental rates, Per Mansson, a broker at Nor Ocean Stockholm AB, said in an e-mailed note today. The surplus of vessels emerged following a slowdown in demand during year-end vacations, he said.

Ship-rental rates rose the most in at least 16 years in November and extended their gains in December after members of the Organization of Petroleum Exporting Countries produced record amounts of crude October and November.

Japanese refineries may also have hired extra ships to replenish crude inventories that, according to the International Energy Agency, were near their lowest for at least 20 years. No new vessel bookings were reported by shipbrokers today.

Rental rates climbed 0.7 percent to 275 Worldscale points on Dec. 31, according to data compiled by Bloomberg. Worldscale points are a percentage of a nominal rate, or flat rate, for more than 320,000 specific routes. Flat rates for every voyage, quoted in U.S. dollars a ton, are revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates.

Each flat rate assessment gives owners and oil companies a starting point for negotiating hire rates without having to calculate the value of each deal from scratch. At 275 Worldscale points, owners of double-hulled very large crude carriers, or VLCCs, can earn about $251,357 a day on a 39- day round trip from Saudi Arabia to South Korea, based on a formula by R.S. Platou, an Oslo-based shipbroker, and Bloomberg marine fuel prices.

Hire Rates

Hire rates may halt declines when ''two or three'' oil companies seek to hire tankers at the same time, Mansson said.
Frontline Ltd., the world's biggest VLCC operator, said Nov. 15 it needs $30,000 a day to break even on each of its supertankers. Companies' break-even levels depend on their finance arrangements and fuel-hedging strategies.

Bookings for VLCCs sailing from the Middle East to Asia account for 47 percent of global demand for the carriers, according to New York-based McQuilling Brokerage Partners LLP. Shipments to the U.S. and Caribbean, the second-biggest market, account for 14 percent of demand for supertankers.

Source: Bloomberg

[lamborghini]

Double Hull Tankers sets dividend policy at fixed quarterly dividend of 25c/sh
Jan/05

NEW YORK (Thomson Financial) - Double Hull Tankers Inc.'s board set a dividend policy Friday to provide shareholders with a fixed quarterly dividend of 25 cents a share beginning with fiscal 2008's first dividend payment.

The company recently acquired two suezmax tankers chartered to Overseas Shipholding Group Inc. and expects the tanker market to remain strong enough to allow for future growth opportunities.

Shares of the international tanker company were down 4.4% at $11.61. Melinda Peer mp/tk1.

Source: Hemscott

[lamborghini]

Aegean Marine Petroleum Network Inc. Takes Delivery of Bunkering Tanker Newbuilding


January 9, 2008

Aegean Marine Petroleum Network Inc.an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that it has further expanded its marine fuel logistics infrastructure with the delivery of the Amorgos, a 4,600 dwt newly built double-hull bunkering tanker from Fujian Southeast Shipyard in China.

The Amorgos is expected to operate out of the Company's service center located in Gibraltar.

E. Nikolas Tavlarios, President, commented, "With the delivery of our fourth bunkering tanker newbuilding since our IPO, management continues to execute its well-capitalized growth plan. By further expanding our marine fuel logistics infrastructure, we have once again strengthened our position to take advantage of the growing demand for a full-service marine fuel solution from procurement to delivery."

Mr. Tavlarios added, "We remain intensely focused on pursuing growth opportunities that meet our strict return criteria exclusively within the global marine fuel logistics industry as we have in the past.

The launch of our new service center in Northern Europe combined with our new service centers in the United Kingdom and West Africa, which are scheduled to commence operations in the current quarter, bodes well for Aegean to further increase sales volumes as we continue to enhance our leading industry reputation."

With the delivery of the Amorgos, the Company has deployed the Aegean Tulip, a 1993-built 4,853 dwt double-hull bunkering tanker to West Africa from Gibraltar.

Source: Aegean Marine Petroleum Network Inc

[lamborghini]

OceanFreight Inc. Announces the Acquisition of Eleventh Vessel and Further Expansion Into Tanker Sector

01/11/08

OceanFreight Inc., a global provider of seaborne transportation services, announced the acquisition of its eleventh vessel. The Company announced it has agreed to acquire a 1996 built 149,085 dwt double-hull Suezmax tanker from interests associated with George Economou for $65 million, thereby expanding its fleet to eleven vessels.

This vessel will be delivered to OceanFreight within January 2008 and will operate for a limited period of time in the spot market until suitable period employment is found. The vessel has been fixed for a spot voyage that will commence upon the vessel's delivery to OceanFreight with a duration of approximately 45 days at a time charter equivalent rate of approximately USD 75,000 per day. Cardiff Marine Inc. has been retained as the technical manager of the vessel.

Mr. Kandylidis, the Chief Executive Officer of OceanFreight, commented:
"I am very pleased to announce the acquisition of our eleventh vessel, which immediately increases our revenue and cash flow generation capacity while allowing us to expand further into the tanker sector.
We plan to secure period employment for this vessel in line with our stated strategy of growing our fleet and seeking stable and predictable returns, in order to further enhance our distributable cash flow and create additional value for our shareholders."

Following this acquisition, OceanFreight's fleet expands to a total of 11 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Aframax tanker and 1 Suezmax tanker with a total carrying capacity of approximately 1 million deadweight tons.

Source: Oceanfreight