Tanker Investments Locks Away Aframax on 1-Year Charter

Image Courtesy: Tanker Investments

Norway-based investment company Tanker Investments has secured a one-year time charter for one of its Aframax tankers and intends to look for additional time-charter opportunities.

The gross rate for the 2009-built Tarbet Spirit is USD 17,000 per day and the charter began this month.

The announcement comes on the back of the company’s financial results for 2016. Tanker Investments delivered a net income of USD 31.1 million in 2016, significantly lower than a net income of USD 75.8 million posted in 2015.

Furthermore, the company’s total revenues decreased to USD 152.6 million in 2016 from USD 210.8 million in 2015, primarily due to lower spot tanker rates earned across the fleet in 2016. The decrease is partially offset by the larger average fleet size in operation and fewer off-hire days from vessel dry-docking in 2016, according to Tanker Investments.

During the fourth quarter of 2016, the company’s net income went down to USD 2.7 million from USD 28.5 million in the same period of 2015. Additionally, total revenues dropped to USD 32.5 million in Q4 2016 from USD 70.2 million in the same quarter of 2015.

“Tanker Investments was well-positioned to take advantage of the seasonally strong tanker market in the fourth quarter of 2016, resulting in over USD 16.6 million of cash flow from vessel operations, and USD 0.09 per share of net income,” William Hung, Tanker Investments Limited’s CEO, stated.

In the outlook for 2017, Tanker Investments anticipates the next year to present some headwinds to the crude tanker spot tanker market. Fleet growth is forecast to be approximately 4.5%, which is slightly lower than 2016 but in-line with the ten-year average. However, most fleet growth in 2017 will come from the mid-sized segments, with mid-size fleet growth expected to be approximately 5%, according to the firm.

“Looking ahead to 2017, we expect tanker rates could be challenged driven by OPEC oil production cutbacks and increased shipyard deliveries of newbuildings, partially offset by new, longer-haul routes for mid-size tankers transporting Atlantic basin volumes to Asian buyers,” Hung explained.

The outlook for 2018 is more positive given a lack of ordering and the expectation for increased scrapping due to an aging fleet and changes to the regulatory landscape.

As of February 2017, Tanker Investments’ fleet is comprised of 18 owned vessels.

Share this article

Follow World Maritime News

In Depth>


<< Nov 2017 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >


The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >