ULCC Up for Sale Once Again, KOTC Secures VLCC Contract
Rumors have surfaced regarding the potential sale of Euronav’s ULCC Oceania, with indications pointing to a rare VLCC new building contract on the horizon.
Rumors regarding the potential sale of Euronav’s ULCC tanker Oceania have resurfaced in 2024. Shipbrokers had initially reported its sale in early 2023 to third parties, but Euronav has not officially confirmed any sale, and the vessel remains listed in its fleet. The recent rumors suggest unnamed Chinese entities as potential buyers. Euronav, however, has not released an official statement on the matter.
In another development, Kuwait Oil Tanker Company (KOTC) is reportedly seeking quotes from shipyards for a new VLCC order in 2024. This order is linked to an order for three LNG carriers with a capacity of 174,000 m3 each.
Furthermore, US-based law firm Seward & Kissel announced that it represented Penfield Marine in a significant fleet transaction with Maersk Tankers.
Hunter Group is considering a private placement of up to US$12 million, intending to issue new shares to fund working capital related to two three-year back-to-back charter parties on an eco-design, scrubber-fitted VLCC. The placement is priced at US$51,000 per day. DNB Markets and Fearnley Securities have been appointed joint book-runners for the private placement.
Additionally, in 2023, Hunter Group announced its exploration of opportunities in Carbon Capture and Storage (CCS).
DHT, a tanker company listed on the New York Stock Exchange with interests in Very Large Crude Carriers (VLCCs), has released its financial results for Q3 2023. The company reported average combined time charter equivalent earnings of US$42,500 per day.
This figure comprises 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. Shipping revenues for Q3 2023 reached US$130 million, compared to US$108 million in Q3 2022, attributed to higher tanker rates.
Vortexa, a real-time data and advanced analytics firm for energy and freight, has completed its Series C funding round, raising US$34 million. The funding round was led by investment funds managed by Morgan Stanley Expansion Capital, bringing Vortexa’s total amount raised since inception to more than $60 million.
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