LR2

FRO – First Quarter 2024 Results

Retrieved on: 
木曜日, 5月 30, 2024
FRONTLINE, Suezmax, Trichloroethylene, LR2, PLC, FIRST, Acquisition, Front line, Sale, VLCC, Airline

FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024

Key Points: 
  • FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024
    Frontline plc (the “Company” or “Frontline”), today reported unaudited results for the three months ended March 31, 2024:
    Profit of $180.8 million, or $0.81 per share for the first quarter of 2024.
  • Adjusted profit of $137.9 million, or $0.62 per share for the first quarter of 2024.
  • Declared a cash dividend of $0.62 per share for the first quarter of 2024.
  • Our first quarter earnings were solid, as markets remained firm throughout the quarter, and LR2 rates offered proper volatility as returns reached six digits in January 2024.

Hafnia Limited Announces Financial Results For The Three Months Ended March 31, 2024

Retrieved on: 
水曜日, 5月 15, 2024
Maritime, Transport, Logistics, Supply Chain Management, Oil, Gas, Energy, Other Transport, Limited, LR2, USD, NAV, Growth, Oslo Stock Exchange, NAV1, TCE, Handy, Bank

Hafnia Limited (“Hafnia”, the “Company” or “we”, OSE ticker code: “HAFNI”, NYSE ticker code “HAFN”) today announced results for the three months ended March 31, 2024.

Key Points: 
  • Hafnia Limited (“Hafnia”, the “Company” or “we”, OSE ticker code: “HAFNI”, NYSE ticker code “HAFN”) today announced results for the three months ended March 31, 2024.
  • Time Charter Equivalent (TCE)1 earnings for Hafnia were USD 378.8 million in Q1 2024 (Q1 2023: USD 377.2 million) resulting in an average TCE1 of USD 36,230 per day.
  • Adjusted EBITDA1 was USD 287.1 million in Q1 2024 (Q1 2023: USD 296.0 million).
  • As of 10 May 2024, 68% of total earning days of the fleet were covered for Q2 2024 at USD 37,896 per day.

Performance Shipping Inc. Signs Shipbuilding Contract for the Construction of a Newbuilding LR1 Tanker Vessel

Retrieved on: 
火曜日, 5月 7, 2024
The Seller, Carbon, DWT, Public expenditure, EGCS, LR2, Ageing, Growth, Shipbuilding

Andreas Michalopoulos, the Company's Chief Executive Officer, stated:

Key Points: 
  • Andreas Michalopoulos, the Company's Chief Executive Officer, stated:
    “We are pleased to announce our shipbuilding contract to construct one modern eco-design LR1 tanker.
  • This vessel will feature the latest high specification engine and emission requirements, along with a scrubber and water ballast treatment system.
  • The construction of the vessel is undertaken by one of the most reputable and highly specialized shipyards in the world.
  • This contract marks our fourth shipbuilding contract, including three LNG-ready LR2 oil tankers and one LR1 chemical/product oil tanker with scheduled deliveries ranging from October 2025 to January 2027.

International Seaways Reports First Quarter 2024 Results

Retrieved on: 
水曜日, 5月 8, 2024
Maritime, Energy, Transport, Oil, Gas, Sale, VLCC, Safety, RCF, TCE, Depreciation, Carbon footprint, History, Exercise, INSW, Line of credit, Share repurchase, LR2, GAAP, Video game

International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2024.

Key Points: 
  • International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2024.
  • Sold a 2009-built MR for net proceeds of $23 million after fees and commissions during the second quarter of 2024.
  • “Following a record year for Seaways, our first quarter earnings increased over the prior quarter and marked the eighth consecutive quarter of strong earnings,” said Lois K. Zabrocky, International Seaways President and CEO.
  • The Company will host a conference call to discuss its first quarter 2024 results at 9:00 a.m. Eastern Time on Wednesday, May 8, 2024.

TEN Ltd. Reports Record Profits for Year-End and Fourth Quarter 2023 Results and Dividend of $0.60 per Common Share

Retrieved on: 
水曜日, 3月 27, 2024
Employment, Growth, Environment, Depreciation, TNP, Interest, TCE, LNG, LR2, Cryptocurrency

Greece, March 27, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) reports results (unaudited) for the fourth quarter and the year ended December 31, 2023.

Key Points: 
  • Greece, March 27, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) reports results (unaudited) for the fourth quarter and the year ended December 31, 2023.
  • The Company’s total debt obligations were reduced from the 2022 level and settled at $1.56 billion at December 31, 2023.
  • This elevated rate environment resulted to an increase of interest income from $2 million in 2022 to $15 million in 2023.
  • Fleet utilization reached 98.3% in the fourth quarter of 2023 from a still high 97.4% in the 2022 fourth quarter due to the increase of vessels in time-charter employment.

FRO – Fourth Quarter and Full Year 2023 Results

Retrieved on: 
木曜日, 2月 29, 2024
Acquisition, FRONTLINE, Front line, Suezmax, Euronav, ECO, Sale, PLC, Aframax, Good, LR2, VLCC

FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2023

Key Points: 
  • FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2023
    Frontline plc (the “Company” or “Frontline”), today reported unaudited results for the three and twelve months ended December 31, 2023:
    Profit of $118.4 million, or $0.53 per share for the fourth quarter of 2023.
  • Adjusted profit of $102.2 million, or $0.46 per share for the fourth quarter of 2023.
  • Declared a cash dividend of $0.37 per share for the fourth quarter of 2023.
  • Reported revenues of $415.0 million for the fourth quarter of 2023.

Performance Shipping Inc. Signs Shipbuilding Contracts for the Construction of 2 Newbuilding LNG-Ready Scrubber Fitted Tier III LR2 Tankers

Retrieved on: 
水曜日, 12月 20, 2023
Sale, SWS, Ageing, EGCS, LR2, Shipbuilding

The vessels will be equipped with electronic main engines with high-pressure selective catalytic reactors (HPSCR) for Tier III (NOx Emissions) compliance, exhaust gas cleaning systems (EGCS – commonly referred to as scrubbers) for Tier II (NOx Emissions) compliance, and ballast water treatment systems (BWTS).

Key Points: 
  • The vessels will be equipped with electronic main engines with high-pressure selective catalytic reactors (HPSCR) for Tier III (NOx Emissions) compliance, exhaust gas cleaning systems (EGCS – commonly referred to as scrubbers) for Tier II (NOx Emissions) compliance, and ballast water treatment systems (BWTS).
  • Commenting on the contracts, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
    “These shipbuilding contracts supplement the previous contract we entered into with SWS in March 2023 for a Tier III product/crude oil carrier scheduled for delivery around October 2025.
  • The construction of these LNG-ready LR2 oil tankers, equipped with the latest high-specification engines and meeting stringent emission requirements, along with scrubbers and water ballast treatment systems, will take place at the largest and most reputable state-owned shipyard in China.
  • These sales and acquisitions constitute our core fleet expansion and renewal strategy.

Scorpio Tankers Inc. Announces Updates on Fourth Quarter 2023 Daily TCE Revenues and Debt and Lease Activity

Retrieved on: 
水曜日, 12月 13, 2023
Topaz, Lease, STI, TCE, MRS, LR2, Handymax, Calendar, Petroleum jelly

Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue.

Key Points: 
  • Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue.
  • Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days.
  • Four 2012 built MR product tankers (STI Ruby, STI Topaz, STI Garnet, and STI Onyx) that are currently financed as part of the BCFL Lease Financing (MRs).
  • The purchases are expected to occur in December 2023 and January 2024 for an aggregate amount of $29.0 million.

United Maritime Announces Sale of its Remaining Tanker for a Substantial Profit and Acquisition of a Panamax Vessel

Retrieved on: 
木曜日, 6月 29, 2023
Panamax, Acquisition, LR2, Hand, USEA, Sale, Bank

The vessel’s gross sale price is $37.5 million, and the transaction is subject to customary closing procedures.

Key Points: 
  • The vessel’s gross sale price is $37.5 million, and the transaction is subject to customary closing procedures.
  • The profit from the sale of the M/T Epanastasea is expected to be approximately $14.2 million and will be realized in the third quarter of 2023.
  • In addition, the net cash surplus from the sale of the M/T Epanastasea and the acquisition of the M/V Exelixsea is expected to be approximately $18 million.
  • In addition, we have distributed $1.15 per share in cash dividends, which represents approximately 45% cash yield on our recent share price.

Scorpio Tankers Inc. Announces a New Credit Facility

Retrieved on: 
木曜日, 6月 22, 2023
DekaBank, STNG, SOFR, Documentation, LR2, NYSE, Security (finance), Property management

MONACO, June 22, 2023 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers” or the “Company”) announced today that it has received a commitment from DekaBank Deutsche Girozentrale for a credit facility of up to $94 million.

Key Points: 
  • MONACO, June 22, 2023 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers” or the “Company”) announced today that it has received a commitment from DekaBank Deutsche Girozentrale for a credit facility of up to $94 million.
  • The credit facility will be used to finance one MR product tanker and three LR2 product tankers.
  • The terms and conditions of this credit facility, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
  • The credit facility is subject to customary conditions precedent, and the execution of definitive documentation, and is expected to close within the third quarter of 2023.