Analysts expect that the crude tanker segment of the shipping industry may not perform well in the near future because of the sharp decline in the import of crude oil by one of the largest consumer of energy, the USA. The US has become self-sufficient for crude, because of its the boom in the shale oil industry in the country. US imports of crude oil declined significantly by almost 4 to 4.5 million barrels a day. That is not being mad
Tag: tanker
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Mercator Lines trims fleet size in dry bulk segment
According to media reports, private sector shipping major Mercator Lines reorganised itself by reducing its dry bulk fleet to 14 vessels. The company reorganised its assets in order to adapt to the low freight rate scenario in the industry. The company sold a vessel and concluded termination of contracts on three in chartered vessels in the last quarter of 2012-13, reports indicate
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GE Shipping to buy energy efficient vessel
Great Eastern Shipping Company (GE Shipping), which has a fleet size of 33 vessels, plans to add fuel efficient tankers with new eco design features that would be compliant with Energy Efficiency Design Index requirements. In this regard, the company, has placed an order for a new Medium Range Product Tanker of about 50,000 dwt with
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Pratibha Shipping may seek funds from banks
Media reports suggest that Pratibha Shipping approached a few banks to secure funds for undertaking salvage operations of its small oil tanker and to meet othe