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AMSC remains steady -Tradewindsnews.com

http://www.tradewindsnews.com/tankers/354425/amsc-remains-steady[2/13/2015 3:01:33 PM]

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AMSC remains steadyOslo-listed American Shipping Company (AMSC) has finished 2014with a stable result.

Pre-tax profit for the fourth quarter went downa fraction to $4.1m versus $4.5m in thecorresponding period.

The small decline was mainly attributed to anet foreign exchange loss of $0.8m, comparedto a gain of $2.6m a year ago.

The Jones Act market player has declared adividend of $0.103, the first payment toshareholders for 2015.

Revenue for the period remained steady at$22.1m.

AMSC projected that despite the current situation in the oil price, the Jones Actmarket will remain firm going forward.

It did not reveal any specific details about the development of the OverseasShipholding Group (OSG) bankruptcy situation.

But the tanker owner said the two companies have reached a sharing-profitagreement from OSGs operations of 10 vessels owned by AMSC.

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13 February 2015, 11:30 GMTBY NICK ROUMPIS IN LONDONTANKERS

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Elevate your game -Tradewindsnews.com

http://www.tradewindsnews.com/tankers/354396/elevate-your-game[2/13/2015 3:03:38 PM]


Elevate your gameSize matters when youre a pool operator but Ben Ognibene, the chiefexecutive of Heidmar, says this isnt the only key to success.

At the 21st annual Joint Shipping Conferencehosted by the Hellenic and Norwegian-American chambers of commerce Ognibenestressed the importance of transparency.

He said transparency is a tool that can be usedto combat mistrust amongst members, whichcan be particularly prevalent when a newentrant enrolls in a pool.

As new participants come into the market, wefelt that we had to become even moretransparent so they understand what we aredoing, the executive added.

When you operate a pool with vessels from35 separate owners, they have to becomfortable with each other.

Ognibene admitted that, at the end of the day,earnings are extremely important as well. Tooutperform the market, he said qualitytonnage in key.

You have to operate [a pool] fairly strictly onthe vetting front, he continued in response toa question about performance.

You have to arrange the pool and the clauses and formula so everybody maintainsa high standard.

Ognibene also pointed out that Heidmar, which oversees five tanker pools, intends

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Ben Ognibene at the Joint ShippingConference, which was held at the WaldorfAstoria hotel in New York.

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Elevate your game -Tradewindsnews.com

http://www.tradewindsnews.com/tankers/354396/elevate-your-game[2/13/2015 3:03:38 PM]

to re-launch its client portal in the coming days.

He noted this is where pool members can access information about earnings,voyages, vessels and other members.

During a question-and-answer session Bob Burke, the chief executive of RidgeburyTankers, argued that Heidmars website gives the company a competitiveadvantage.

He also asked panelist Jason Klopfer, the commercial director of Navig8, if his poolplans to borrow a page from Heidmars playbook at some point in the future.

In response Klopfer admitted that his companys current platform suffers from alag of two to three days but said clients feel this is sufficient for now.

It does make sense [to overhaul Navig8s website and pool portal], he added.We are exhausting every effort to build up our cargo system. The website will bedone, upping our game [on the digital front] does make sense.

TradeWinds 2014Contact | Support


12 February 2015, 23:04 GMTAARON KELLEY IN STAMFORDTANKERS

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Lloyd's List - Insurance - Swedish Club advises on navigational claims

http://www.lloydslist.com/ll/sector/Insurance/article457101.ece?service=print[2/13/2015 3:22:42 PM]

The Swedish Club's latest loss prevention bulletin details measures that can help prevent navigational claims.

Swedish Club advises on navigational claimsThursday 12 February 2015, 15:09

by David Osler

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Crews must raise game onprocedures and communications

NAVIGATIONAL claims havestubbornly resisted decline, despite improved technology and the widespread implementation of safety management systems, with collisions, contacts and groundings accountingfor half the costs of hull and machinery claims, according to the Swedish Club.

Many of them result from procedures not being correctly followed by crew members, and officers not communicating with each other properly, the marine mutual said in its latestloss prevention bulletin, which analyses claims for hull and machinery damage between 2004-2013.

The bulletin also details measures that can be adopted to help prevent these incidents occurring in the first place, such as having clear, meaningful procedures for officers andcrew to adhere to and, more importantly, ensuring they understand the consequences of not following them properly.

Being able to identify the reasons for navigational claims is invaluable for masters and shipowners, said Lars Malm, director, strategic business development and clientrelationship for the Swedish Club.

This report shows that most claims can be prevented by simply ensuring that all crew follow proper procedures and consult with each other before making major decisions.

The club also stresses in the report that the implementation of an effective training programme for officers is vital, especially in relation to effective communication and riskassessment.

Risks often increase when sailing in congested waters, dense traffic or close to land and this needs to be acknowledged and appropriate measures adopted, it said.

Article from Lloyd's List

http://www.lloydslist.com/ll/sector/Insurance/article457101.ece

Published: Thursday 12 February 2015

2015 Informa plc. All rights Reserved. Lloyd's is the registered trademark of the Society incorporated by the Lloyd's Act 1871 by the name of Lloyd's

http://www.lloydslist.com/ll/authors/david-osler/http://www.lloydslist.com/ll/sector/Insurance/article454968.ece

Lloyd's List - Tankers - We did not foresee floating storage coming, says Euronav's Paddy Rodgers

http://www.lloydslist.com/ll/sector/tankers/article457172.ece?service=print[2/13/2015 3:20:06 PM]

Rodgers: Storing oil is "a very positive catalyst for the tanker market.

We did not foresee floating storage coming, says Euronav's Paddy RodgersFriday 13 February 2015, 14:07

by Hal Brown

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World's biggest crude tanker player highlights importance of the oil price contango andfloating storage in 2015 and beyond

CONTANGO in the oil price is the key factor for tankers in 2015 and will grow insignificance throughout the year, spurring more floating storage, according to Euronav.

Contango refers to the fact that the oil price is low today but the future price is higher.

This is encouraging traders to store oil on tankers, to sell when prices rise.

Very large crude carriers are being used for this purpose, removing them from the spot market, reducing competition among vessels in the spot market, helping owners tocommand higher freight rates.

We did not foresee the storage programme coming, said Euronav chief executive Paddy Rodgers on a conference call.

Currently, around 5% of the global VLCC fleet is being used as floating storage, he said.

This should rise to around 10% in the second quarter, and have an increased impact through the rest of the year, he forecast.

Theres a real stimulus for storing oil, he said. Its a very positive catalyst for the tanker market.

The last time this situation arose was between 2009 and 2010, lasting for 24 months, he pointed out.

The recent rally in the oil price has had little impact on the situation because the contango is still in place, he said.

Put very simply, what we see is that the oversupply of oil has put pressure on the near-term price, while the longer-term value of oil remains high.

The contango will be very impactful in 2015, Mr Rodgers emphasised. This looks to persist through 2015 and could go on further.

The tanker owner, recently listed in New York, reduced its losses in the fourth quarter of 2014 to just $3.9m from $23.3m the year before.

There is a cyclical recovery taking shape over the next 18-24 months for large tankers, said Mr Rodgers on the call.

In 2014, the global VLCC fleet grew by only 2%, helping the VLCC market towards recovery.

The global VLCC fleet is forecast to grow by 2% in 2015 and 3% in 2016.

In 2014, suezmax tankers actually saw the global fleet shrink, as more vessels left the fleet than joined.

Theres a very encouraging supply side picture for the large tanker fleet as we exit 2014, said Mr Rodgers.

Global demand for crude in the first quarter of 2015 is real and robust, he said.

The International Energy Agency has forecast a global demand increase of 1m barrels per day in 2015 and 2016.

With 52 vessels on the water comprising 26 VLCCs, 23 suezmaxes, one ultra large crude carrier, and two floating storage offloading units Euronav is the largest publicly-listed crude tanker company in the world, according to chief finance officer Hugo de Stoop.

The company has 86% of its fleet exposed to the spot market in 2015, with 14% on time charters, he added.

Article from Lloyd's List

http://www.lloydslist.com/ll/sector/tankers/article457172.ece

Published: Friday 13 February 2015

2015 Informa plc. All rights Reserved. Lloyd's is the registered trademark of the Society incorporated by the Lloyd's Act 1871 by the name of Lloyd's

http://www.lloydslist.com/ll/authors/hal-brown/http://www.lloydslist.com/ll/sector/markets/article456642.ece

Seacor seals MR fixture -Tradewindsnews.com

http://www.tradewindsnews.com/tankers/354390/seacor-seals-mr-fixture[2/13/2015 3:16:22 PM]


Seacor seals MR fixtureThe Jones Act market is rife with rumours that Seacor Holdings hassecured employment for a product tanker that is under constructionat a leading US shipyard.

Market sources say the New York-quotedoperators domestic shipping unit, SeabulkTankers, chartered the 50,000-dwtnewbuilding to a third party for approximatelythree years.

They tell TradeWinds that the unit, which is onorder at General Dynamics Nassco, is poisedto earn between $70,000 and $75,000 per dayon average during the firm period of thefixture.

It is widely believed that the newbuilding waschartered to RaceTrac Petroleum, whichoperates a chain of gasoline stations that arescattered across the southern US.

Observers note the company booked nearly$10bn in sales in 2013, which makes it one ofthe largest privately-held corporations in thestate of Georgia, the home of its

headquarters.

In addition to its existing fleet, Seabulk boasts a backlog of four newbuildings. Inaddition to one articulated tug-barge (ATB), the total includes three medium-range(MR) product tankers that are under construction at Nassco and due for delivery in2016.

Late last year market sources said the operator had secured employment for thefirst unit and noted a deal involving the second was on subjects.

Seacor Holdings

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Seacor seals MR fixture -Tradewindsnews.com

http://www.tradewindsnews.com/tankers/354390/seacor-seals-mr-fixture[2/13/2015 3:16:22 PM]

At the time Seabulk indicated it did not intend to aggressively market the thirduntil delivery drew closer, which is why todays revelation may come as surprise.

News about the MR will likely come as a relief, however, to competitors who havecriticised Seabulk and its parent for placing speculative orders and partnering witha private-equity firm.

Today, some industry observers admitted they were disappointed to learn thatSeabulk abandoned its wait and see strategy for the third newbuilding.

They also noted the day rate represents a discount when compared to what thesecond MR is poised to earn over the course of a three-year fixture with MonroeEnergy, the Delta Air Lines affiliate that recently acquired the Trainer oil refinery inPennsylvania.

The same individuals argued that the decision to pursue a charter for the third MRmay have been driven by the sharp decline in oil prices and concerns aboutdomestic production.

RaceTrac Petroleum, which is based in Atlanta, did not immediately respond torequests for comment when contacted by TradeWinds Thursday afternoon.

> More News About:Product carriers, Chartering, US and Canada



12 February 2015, 20:05 GMTAARON KELLEY IN STAMFORDTANKERS

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Solus in at DHT -Tradewindsnews.com

http://www.tradewindsnews.com/finance/354432/solus-in-at-dht[2/13/2015 3:17:58 PM]


Solus in at DHTChristopher Pucillo has bought a major slice of tanker owner DHTHoldings in the latest expansion of its shipping book.

Pucillos Solus Alternative Asset Managementhas revealed an 8,746,138 share holding inthe tanker owner, giving it 9.21% of the NewYork-listed company.

Its stake is worth over $60m based on the lasttrade of DHT shares.

Pucillo and Solus is no stranger to shippingand recently emerged as a major shareholderin the restructured Eitzen Chemical.

It is also a shareholder in Euronav and was an initial investor in Nautical BulkHoldings, a dry cargo venture launched by Wilbur Ross and the Conti Group in2013.

Solus is not the only fund buying up DHT shares.

At the start of February Blackrock returned as a major shareholder in DHT threeyears after trimming its position.

> More News About:Financing, Crude tankers

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13 February 2015, 11:30 GMTANDY PIERCE IN LONDONFINANCE

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Pervasive pessimism -Tradewindsnews.com

http://www.tradewindsnews.com/andalso/354435/pervasive-pessimism[2/13/2015 2:59:00 PM]


Pervasive pessimismWe take a look at what was said in the market over the past week.

Given the recent onset of this sharp reductionin commodity prices, we do not expect thatany near-term improvement in oil prices willcause operators to alter much of what they areplanning in 2015. We are preparing for anextended downturn until the environmentchanges in a sustainable way.

Bad new or good news depending onwhether you are a seller or a buyer fromTidewater chief executive Jeffrey Plattwho is not figuring on oil pricesrecovering until the second half of 2016

or 2017.

(Tidewater braces itself for prolonged oil-price strife)

Crude oil prices will increase. For the life span of the ship, there should be a goodreturn on the investment. It will pay back.

Stena Bulk chief, Erik Haanell, is however convinced that spending anextra $8m per vessel on a new generation of fuel efficient tankers stillmakes sense in the long run.

(Stena Bulk confident its fuel-efficient newbuilds will hold premium value)

I think its going to be two tough years on the dry side. That being said, if we lookback at it historically, when weve been the most pessimistic, weve all been provenwrong.

And pessimism from Peter Ritz of Ross Shipbrokers, who fortunatelysubscribes to the view that hope is the last thing to die.

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(Specialist Greek broking boutique Ross upbeat and ready for action)

This year looks very challenging. Right now we have more cargo than ships. Wethink this is the right position.

Jens Ismar of Western Bulk looks to be in a rather more comfortableposition than having more ships than cargo.

(Western Bulk sits comfortably with more cargo than ships)

We know we will not go back to sail.

Hamburg Bulk managing director, Jens von Husen, wants to go green butrules out canvas strung from a yard.

(Hamburg Bulk boss urges owners to get up to speed on newenvironmental issues)

Since we are fully aware that the German KGmarket will not exist in a number of years, wehave to go international.

Claus-Peter Offen sounds the death knellfor limited partnership financing

(Offen chases global capital with newteam)

Consolidation will happen in different formatsand in different ways. It is the future of ourindustry.

Sounds like an argument for Consolidated Capesizes Inc from GoldenOcean chief Herman Billung which has more of a ring than the ratherprosaic Capesize Chartering.

(Operators in sights of new cape venture)

There is a risk that some of those rules may (as currently drafted) cause a numberof commodity trading houses, and indeed shipping companies, to fall into regulationas financial entities on the basis of their use of derivatives.

A warning from the Baltic Exchanges Jeremy Penn that more regulation ofthe freight futures market will come at a cost.

(We must pull together to ensure new regulation is sensible from the

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outset)

Do clubs from time think about what could happen in the market? Yes of coursethey do. But is anything specific going on? No.

So idle thoughts rather than action on the P&I club merger front accordingto the UK Clubs Hugo Wynn-Williams.

(Britannia and UK merger talk sets P&I market ablaze)

All our boards are committed to continuing to provide war risks, so long as thereis member demand, but it is part of the P&I service ethos, rather than being aprofit centre.

The Combined Group of War Risks Associations is not what it once was butstill has a future according to chairman, Stephen Rebair.

(P&I club trio cut rates for war risks)

I remain of the view that the Turkish proceedings are vexatious and oppressivebecause they would infringe the contractual rights of the club.

London High Court judge, Justice Teare, comes out for the P&I clubs payto be paid rule trumping direct action under Turkish law.

(Shipowners wins pay to be paid ruling)

The new name of the vessel reflects what it stands for: a new technological step inplatform installation and decommissioning.

And Pioneering Spirit is a lot less controversial than Pieter Schelte, an oldname with a Nazi past.

(Allseas renames Pieter Schelte)

To serve from the soil to the table.

The less than inspirational motto of Stenapartner Golden Agri-Resources revealed bychairman Franky Widjaja. How does itcompare to Don't be evil, Think differentor Just do it. Per mare ubique -Everwhere by sea - also looks to be up forgrabs.

(Golden Stena toasts first of six new-

http://www.tradewindsnews.com/weekly/354220/we-must-pull-together-to-ensure-new-regulation-is-sensible-from-the-outsethttp://www.tradewindsnews.com/weekly/354284/britannia-and-uk-merger-talk-sets-pandi-market-ablazehttp://www.tradewindsnews.com/weekly/354249/pandi-club-trio-cut-rates-for-war-riskshttp://www.tradewindsnews.com/weekly/354296/shipowners-wins-pay-to-be-paid-rulinghttp://www.tradewindsnews.com/incoming/354069/allseas-renames-pieter-scheltehttp://www.tradewindsnews.com/weekly/354289/golden-stena-toasts-first-of-six-new-generation-tankers



generation tankers)



13 February 2015, 12:55 GMTJIM MULRENAN IN LONDONAND ALSO

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AMSC remains steady -Tradewindsnews.comtradewindsnews.comAMSC remains steady -Tradewindsnews.com

Elevate your game -Tradewindsnews.comtradewindsnews.comElevate your game -Tradewindsnews.com

Lloyd's List - Insurance - Swedish Club advises on navigational claimslloydslist.comLloyd's List - Insurance - Swedish Club advises on navigational claims

Lloyd's List - Tankers - We did not foresee floating storage coming, says Eulloydslist.comLloyd's List - Tankers - We did not foresee floating storage coming, says Euronav's Paddy Rodgers

Seacor seals MR fixture -Tradewindsnews.comtradewindsnews.comSeacor seals MR fixture -Tradewindsnews.com

Solus in at DHT -Tradewindsnews.comtradewindsnews.comSolus in at DHT -Tradewindsnews.com

Pervasive pessimism -Tradewindsnews.comtradewindsnews.comPervasive pessimism -Tradewindsnews.com

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