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Oil product tanker demolition on track to break 11-year record | Hellenic Shipping News Worldwide

Oil product tanker demolition on track to break 11-year record
In the first four months of 2021, the amount of oil product tanker capacity that has been sent for demolition has already reached the total amount of demolished capacity in each of 2019 and 2020 due to unfavourable freight rates. If that pace continues for the rest of the year, an 11-year record is set to be broken.
So far this year, 10 crude oil and 38 oil product tankers have left the active trading fleet and the development in crude oil tanker demolition and that of oil product tankers continues to head in different directions. Crude oil cargo carrying capacity of just 1.45 million (m) DWT has left the market since the start of the year compared to 1.25m DWT of oil product tankers. ....

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International Seaways Reports Fourth Quarter and Full Year 2020 Results | Hellenic Shipping News Worldwide

International Seaways Reports Fourth Quarter and Full Year 2020 Results | Hellenic Shipping News Worldwide
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International Seaways Reports Fourth Quarter and Full Year 2020 Results

International Seaways Reports Fourth Quarter and Full Year 2020 Results
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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. ....

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