D’Amico mulling further leasebacks, executive says

D’Amico International Shipping is likely to look at additional leaseback transactions that would continue an active period of deal-making for the company, its chief financial officer says. Milan-listed D’Amico has raised cash during the past 12 months via a sale-and-leasebacks for some modern tonnage and a mixture of leasebacks and charter-backs across four older tankers. […]

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Vitol aims to refinance Latvian Shipping

Share issue of up to $71m planned as trader and owner boosts holding in Riga tanker company to 91%. Oil trader and shipowner Vitol is planning a refinancing of Latvian Shipping Company’s debt. The Riga-based product tanker operator said its major shareholder plans to increase the share capital by EUR 60m ($71.37m) to EUR 120m […]

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Houston ship moves may start this week

USCG gives preliminary timeline for ship transits, but damage assessments still being done. The US Coast Guard hopes to ease restrictions within Houston port today, but big vessels may not move until later in the week. The agency expects to allow “limited vessel movements within the port.” But deep-water ship traffic “may not start moving […]

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Major Texas ports still closed due to Harvey

US Coast Guard still assessing damage in hurricane’s wake; Houston faces major flooding. The US Coast Guard continues to restrict ship movements at major Texas ports after Harvey, one of the strongest hurricanes ever to hit the US Gulf Coast, barreled through Friday night. Houston, a major centre of energy exports and shoreside shipping operations, […]

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Kannegaard joins Monajsa as head of Copenhagen division

Monjasa has strengthened its position in Copenhagen with the recruitment of Mikkel Kannegaard, the one-time personal assistant of legendary shipowner Maersk Mc-Kinney-Moller. Kannegaard will begin his time with the bunker and tanker group in Dubai before returning to Denmark. Svend Stenberg Molholt, interim managing director for Monjasa Europe, said: “Mikkel brings relevant experience from the […]

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Maersk Tankers in aframax pool push

Chief executive says owner is aggressively seeking new ships for latest platform. Maersk Tankers is actively targeting third party partners for an aframax pool established in April this year. The Danish tanker owner had been running its five aframaxes within its LR2 pool but has opted to build the new platform given differences between the […]

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Singapore bunker sales hit six-month high

Shipowners said to be buying larger parcel sizes due to introduction of mass flow meters. Singapore saw bunker sales jump to a six-month high last month, despite concerns over the introduction of mass flow meters (MFM). Total bunker sales surged 6.8% year-on-year to 4.4mt. Year-on-year growth for the year-to-date has averaged 3%. The increase in […]

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Navig8 Chemical sees rates as 'stabilised'

Oslo-listed owner reports third consecutive quarterly loss as fleet growth outstrips demand. Navig8 Chemical Tankers reported a loss for the second quarter as freight rates remain weak and its fleet size increases. But chief executive Nicolas Busch sees supply-demand balances righting over the next year. Navig8 reported a $3.6m loss for the second quarter compared to […]

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Latvian Shipping sells HQ to UAE

Riga tanker owner banks $5m as head office becomes foreign embassy. Latvian Shipping Company (LSC) has agreed to sell its offices in Riga for EUR 4.2m ($4.96m). The tanker owner, controlled by Vitol, said the government of the UAE will take over the six-storey premises on Elizabetes Street as an embassy. LSC will continue to […]

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