Mitsui O.S.K. Lines, Ltd. yesterday announced that on August 10, the wood chip carrier VANGUARDIA with a cargo capacity of 4.3 million-cubic feet, was delivered at Oshima Shipbuilding Co., Ltd. (Oshima Shipbuilding; President: Eiichi Hiraga; Headquarters: Saikai-shi, Nagasaki Prefecture). MOL will operate the vessel, which transport wood chips for Daio Paper Corporation (President & CEO: .
International Seaways Reports Fourth Quarter and Full Year 2020 Results | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
The newbuilding are expected to be delivered in 2023 and will commence seven-year time charters with Shell.
The three VLCC newbuildings form part of 10 charters for LNG-powered tonnage announced by Shell last week, which will see 50% of its time chartered crude oil tanker fleet will be powered by dual fuel LNG engines by 2023
“We are pleased to partner with market leading counterparty Shell on these three dual-fuel LNG VLCCs,” said Lois K. Zabrocky, International Seaways’ President and CEO.
“Importantly, we expect these tankers to be well suited to adhere to future environmental regulation throughout their life, as they meet both today’s IMO Energy Efficiency Design Index (“EEDI”) and also exceed the 2025 Phase III EEDI targets by about 8%.”
International Seaways Announces Contract to Build Three Dual-Fuel LNG VLCCs
International Seaways, Inc., one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has entered into an agreement to build three dual-fuel LNG VLCCs. The three vessels will be constructed at leading South Korean shipyard DSME and are expected to deliver in 2023.
Upon delivery, the three vessels will commence seven-year time charters with Shell. The Company expects to fund the construction costs with cash and long-term financing.
“We are pleased to partner with market leading counterparty Shell on these three dual-fuel LNG VLCCs,” said Lois K. Zabrocky, International Seaways’ President and CEO. “In addition to generating strong, stable cash flows for seven years, with added upside due to profit sharing above the base rate, we are once again renewing our fleet at very attractive
International Seaways Reports Fourth Quarter and Full Year 2020 Results
Read full article
Oops!
International Seaways, Inc. (NYSE: INSW) (the Company or INSW ), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the fourth quarter and full year 2020.
Highlights
Net loss for the twelve months ended December 31, 2020 was $5.5 million, or $0.20 per diluted share. Net loss for 2020 reflects the impact of impairments and loss on sale of vessels of $100.1 million and various expenses related to refinancing of $14.5 million, and a non-cash deferred tax provision of $16.4 million recorded as a reduction of equity in results of the FSO (Floating Storage Offloading) joint ventures, principally related to the extension of their service contracts. Net income excluding these items would have been $125.2 million, or $4.39 per diluted share.