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17 April 2025
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Apr 17, 2025Hellenic Shipping News
in Freight News
17/04/2025
China is set to increase its imports of Russian liquefied natural gas (LNG) this year, its ambassador to Russia said on Tuesday.
“I know for sure that there are a lot of buyers. So many buyers are asking the embassy to help establish contacts with Russian suppliers, I think there will definitely be more (imports),” the envoy, Zhang Hanhui, said.
He also told reporters that there had been discussion between the two countries about the proposed Power of Siberia-2 gas pipeline project from Russia to China, but the route for it had yet to be defined.
Russia has been seeking agreement with Beijing for years on building the Power of Siberia-2 to carry 50 billion cubic metres of natural gas a year from the Yamal region in northern Russia to China via Mongolia.
So far, however, the parties have not been able to agree on the terms of gas deliveries.
According to TASS news agency, which cited Chinese customs data, Russia’s LNG exports to China rose last year by 3.3% to 8.3 million metric tons.
It said Russia was, after Australia and Qatar, the third-largest supplier of LNG to China, which is the world’s largest buyer. Malaysia and the United States are also major exporters of LNG to China.
Reuters reported last week that Chinese buyers of LNG are re-selling U.S.-sourced cargoes as tit-for-tat tariffs drive up import costs.
China imported no U.S. LNG during March, data from Kpler and LSEG show. The U.S. accounted for about 5% of China’s LNG last year, according to Chinese customs data.
Source: Reuters
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Hafnia Swoops For 14.5% Torm Stake In $311M Deal With OaktreeSingapore-based product tanker giant Hafnia has agreed to acquire a 14.45% holding in Danish rival Torm from Oaktree Capital Management in a deal worth about $311.4m.
The BW Group-backed owner will pay $22 per share for the block of A-shares in the Copenhagen- and New York-listed firm. The transaction is subject to final documentation and regulatory approvals.
The sale will reduce Oaktree’s ownership in Torm to about 26.5%, down from roughly 41%. Hafnia stressed that the move is not a takeover or merger offer under UK rules, although it signals further consolidation in the mid-size tanker sector.
Hafnia, led by Mikael Skov (pictured), said it views consolidation as generally positive for the industry but has made no decisions on a broader combination with Torm. Skov himself previously spent 25 years at Torm, including two as chief executive.
Hafnia’s fleet stood at more than 120 vessels at the end of the second quarter, while Torm, under CEO Jacob Meldgaard, operates close to 90 ships. Both owners have strong operational and management links to Copenhagen.
Shipping analysts at SEB, a Swedish investment bank, noted the purchase price implies a price-to-NAV of around 0.94x and suggested any potential merger could be done on a NAV-for-NAV basis.
A combination would create a product tanker giant with an estimated NAV of $5.7bn and close to 200 ships, with Oaktree’s ownership reduced to just over 10%.
“Overall, we see a potential merger and improved liquidity of a combined entity as positive for both Hafnia and Torm shareholders,” SEB said in its note to investors.
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04 September 20252 min readHafnia Swoops For 14.5% Torm Stake In $311M Deal With Oaktree
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For The First Time In 14 Years, Syria Resumes Oil Exports With A Shipment Of 600,000 Barrelsin Freight News
03/09/2025
Before 2010, when the protests against Bashar al-Assad led to a civil war in the country, oil provided more than half of Syria’s income.
The Syrian Ministry of Energy announced on Monday the resumption of heavy oil exports from the western port of Tartus for the first time in 14 years.
The ministry said in a statement: “Today (Monday), 600,000 barrels of heavy oil were exported from the Tartus oil terminal aboard the tanker Nessus Christiana for BeServ Energy.”
Strengthening Syria’s presence in markets
The move came “within the framework of government directives and the plans of the General Directorate of Petroleum at the Ministry of Energy to enhance Syria’s presence in foreign oil markets, in a step that is the first in years”, the statement said.
“This achievement is an important step in revitalising the oil sector and expanding the horizons of co-operation with international companies, to be followed by subsequent exports in the coming period,” it added.
Re-exporting
In June, Syria re-exported non-crude petroleum products from the Banias refinery in Tartus province, with an initial shipment of 30,000 metric tonnes sent to international markets.
Baniyas, located about 35km north of Tartus, is a small but strategic coastal city that is home to Syria’s largest oil refinery and an oil port specialised in exporting and importing crude.
In 2010, before the outbreak of the civil war, black gold accounted for 20% of Syria’s GDP, half of its exports, and more than 50% of state revenues.
The country used to produce 390,000 barrels of oil per day, but production has declined sharply, reaching only 40,000 barrels per day in 2023.
First ship arrives since the lifting of sanctions
A few days ago, Tartus governorate reported the arrival of the first cargo ship to the country since the lifting of economic sanctions on Damascus.
The M J ship arrived Wednesday at Tartus port, carrying 19,000 tonnes of Romanian barley, the governorate said in a statement.
“It is the first ship of its kind to arrive at Syrian ports without passing through Turkey or Lebanon,” it said.
On Monday, the US Treasury Department announced the removal of sanctions imposed on Syria from the Code of Federal Regulations, explaining that the decision will come into effect on Tuesday.
In early July, US President Donald Trump signed an executive order to end the sanctions imposed on Syria by the United States against the regime of former Syrian President Bashar al-Assad in 2011, followed by several European countries announcing the lifting of economic sanctions on Damascus.
Source: Euronews
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03 September 20253 min readFor The First Time In 14 Years, Syria Resumes Oil Exports With A Shipment Of 600,000 Barrels
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03 September 2025
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Syria Exports 600,000 Barrels Of Crude Oil In First Shipment In 14 YearsSyria has exported crude oil for the first time in 14 years. The Ministry of Energy confirmed that 600,000 barrels of heavy crude were loaded on September 1 onto the Greek-owned tanker Nissos Christiana, which has a capacity of 114,264 deadweight tons, at the port of Tartus.
Tracking data showed the tanker had not yet departed Syria.
The crude was purchased by B Serve Energy, a company linked to global oil trader BB Energy. A Syrian energy official, Riyad al-Joubasi, said the shipment was taken from several oil fields in the country but did not specify which ones.
Before the war, Syria exported about 380,000 barrels per day in 2010. At that time, Shell operated the country’s largest field with government partners, and France’s Total ran the second-largest. Both companies suspended operations in 2011 when European sanctions were introduced.
Syria’s oil industry collapsed during the nearly 14-year war that followed mass protests against President Bashar al-Assad in 2011. Assad was removed from power in December last year, and the new Islamist-led government has pledged to rebuild the economy.
Video Credits: DWS News/YouTube
For several months after the transition, U.S. and European sanctions continued to block energy trade, but in June U.S. President Donald Trump issued an executive order lifting American sanctions. The move opened the way for U.S.-based firms to start working on a master plan for oil and gas exploration in Syria.
Additionally, Syria signed an $800 million MOU with Dubai’s DP World to develop, manage, and operate a new multi-purpose terminal at Tartus. This agreement canceled a previous contract with Russian company OAO Stroytransgaz, which had been operating the port since 2019.
For years, the Russian Navy used the port as a supply and maintenance base for its Mediterranean Flotilla. Earlier this month, the Russian Kilo-class submarine RFS Novorossiksk (B261), along with the Goryn-class tug Yakov Grebelskiy, was tracked near Tartus.
Open-source analyst Italmilradar reported that both vessels appeared to be preparing to leave the Mediterranean through the Strait of Gibraltar.
Reference: Reuters
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03 September 20253 min readSyria Exports 600,000 Barrels Of Crude Oil In First Shipment In 14 Years
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03 September 2025
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Three Port Workers Charged For $164 Million Cocaine Seizure In AustraliaThree men from Sydney have been charged, and more than half a tonne of cocaine worth over $164 million has been seized following a major multi-agency investigation into port workers accused of helping criminal syndicates smuggle drugs into Australia.
The operation was carried out by the Multi Agency Strike Team (MAST), which includes investigators from the Australian Federal Police (AFP) and NSW Police Force (NSWPF).
In April 2025, investigators set up Strike Force Paiporta to track a criminal syndicate suspected of having members inside Sydney’s ports who were helping to move large amounts of illegal drugs.
MAST later received intelligence that a group was planning to retrieve drugs from an imported shipping container while it was being stored at a sea freight facility in Sydney. The container had arrived in Australia carrying legitimate cargo, which was delivered, before the container was sent back to storage.
At about 12.30 am on Sunday, 31 August 2025, a 38-year-old forklift driver from Hillsdale was seen moving containers at the facility to reach one specific container. Soon after, a 25-year-old man from Oyster Bay entered that same container carrying a bag.
Police allege the man had a crowbar, angle grinder, portable lights, ear protection, and other hand tools to cut into a hidden section of the container. Investigators arrested him as he came out of the container.
Crime scene specialists then examined the unit, removed a false wall, and found 506 tightly packed blocks of white powder hidden behind lead sheeting. Tests confirmed the substance was cocaine. Police estimate the shipment could have been broken down into 2,530,000 street deals of 0.2 grams each.
A short time later, the Hillsdale man returned to the same container and was also arrested by investigators.
Both men were taken to St George Police Station and formally charged with importing a commercial quantity of a border-controlled drug and attempting to possess a commercial quantity of cocaine, under sections 307.1 and 307.5 of the Criminal Code. Each offence carries a maximum penalty of life imprisonment.
Soon after, investigators executed a search warrant at the Hillsdale man’s home. A 42-year-old man from Caringbah was intercepted as he was leaving the property. Police found him with $200,000 in cash suspected to be proceeds of crime. It was later confirmed that this man also worked as a forklift driver for a logistics company.
He was arrested and charged with dealing with money suspected of being proceeds of general crime, contrary to section 400.9(1AB) of the Criminal Code.
A second search warrant was carried out at the Oyster Bay man’s home, where investigators found another $130,000 in suspected proceeds of crime.
All three men faced Sutherland Local Court on Monday, 1 September 2025. The Hillsdale and Oyster Bay men were refused bail and will next appear at the Downing Centre Local Court on 29 October 2025. The Caringbah man was granted bail with strict conditions and is also due to appear at the Downing Centre on the same date.
Authorities confirmed that the shipping container had been sent from Europe. Investigations are continuing to trace the source of the drugs and to identify anyone else linked to the importation plot.
Reference: AFP
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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03 September 20254 min readThree Port Workers Charged For $164 Million Cocaine Seizure In Australia
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03 September 2025
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International Labour Organization Staff Fear Job Losses As Trump Proposes $107 Million Cutin World Economy News
02/09/2025
The International Labour Organization is assessing the impact of a $107 million funding cut proposed by the Trump administration to the Geneva-based U.N. agency, according to an internal message reviewed by Reuters.
Staff at the ILO, which promotes international labour rights, told Reuters there are fears of further job cuts as the U.S., which contributes 22% of the ILO’s regular budget, seeks to row back on funding.
President Donald Trump has moved to unilaterally cancel $4.9 billion in foreign aid authorised by Congress for a number of international programmes, including a $107 million cut to the ILO, a White House statement said on Friday.
In the internal note sent to staff, ILO Director-General Gilbert F. Houngbo said he lacks “full clarity” on the cut’s implications and is in contact with the U.S. administration.
He told staff that the U.S., the agency’s largest donor, had yet to pay its 2024 and 2025 dues.
“Specifically, we are seeking to understand if this reduction applies to the ILO’s assessed contributions for 2025, the entire 2024/25 biennium, or future contributions,” the memo added. The ILO was not immediately available for comment.
The ILO’s $930 million total two-year budget for 2026-2027 was approved in June.
A ILO staff member told Reuters that the “considerable cut” could put staff jobs at risk. The staff member said colleagues were also upset by the White House statement which said the organisation “works to unionise foreign workers and punish U.S. corporate interests abroad”, and said it misrepresented the agency’s values.
The White House was not immediately available for comment.
The Trump administration intends to implement the cuts through a “pocket rescission,” a tactic to bypass Congress.
Reuters reported on Friday that Nels Nordquist, a top economic aide to Trump, is slated to leave the White House to become deputy director-general at the ILO, replacing a former Biden administration official.
In May the ILO confirmed it had cut about 225 jobs at its headquarters and in the field.
Source: Reuters
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02 September 20252 min readInternational Labour Organization Staff Fear Job Losses As Trump Proposes $107 Million Cut
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02 September 2025
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Port Of Tauranga Hits 1.2M Teus Despite Looming CrisisThe port also reported a 7 per cent increase in total trade from the previous year to 25.3 million tonnes.
The increases in both tonnage and volume were largely attributed to resilient export volumes by the port.
Moreover, Underlying Group Net Profit After Tax was NZD $126.0 million (£73.8 million), a 23 per cent increase on the previous year.
READ: Kalmar secures hybrid straddle carrier order from Port of Tauranga
Port of Tauranga Chair, Julia Hoare, said New Zealand is missing out on hundreds of millions of dollars a year due to the delays in consenting the Stella Passage development, which has been in the consenting system for more than six years.
A judicial review of the port’s fast-track application for the Stella Passage development has been upheld, with the High Court determining the Environmental Protection Authority should not have accepted the application as the project was not exactly as described in Schedule 2 of the legislation.
The legislative drafting error has resulted in the Court putting the fast-track process on hold. The expert panel was due to commence on 1 September.
The ongoing delays in obtaining a resource consent for the Stella Passage development are reaching a crisis point as the port is forced to turn away shipping services due to a lack of berth capacity.
In the last month, the port has had to decline a proposed new service to the Americas that would have provided New Zealand importers and exporters with an estimated $65 million (£38.1 million) to $90 million (£52.7 million) per annum in international freight savings.
Earlier this July, the Port of Tauranga announced it would trial the country’s first-ever all-electric container straddle carrier at New Zealand’s busiest port.
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02 September 20252 min readPort Of Tauranga Hits 1.2M Teus Despite Looming Crisis
Port Technology International
02 September 2025
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Thames Freeport Launches Ai And 5G Lab For Port InnovationThames Freeport, in partnership with L Marks, PUBLIC, MH&A, and Rainmaking, is launching new initiatives to support startups and tech firms focused on AI-powered solutions.
As an Industrial Strategy Zone, it aims to attract investment and highlight UK innovation.
A central part of the plan is the Thames Freeport Connectivity Lab, led by L Marks and Cambridge Management Consulting.
The Lab targets AI, 5G, and smart infrastructure for ports and logistics.
READ: Thames Freeport celebrates £600 million of investment
Powered by Verizon Business private 5G, the Lab will serve as a testbed for technologies to improve operations and boost competitiveness.
Developed in partnership with DP World London Gateway, Port of Tilbury, and Ford Motor Company Dagenham, the Lab will run a 10-week programme connecting startups with industry leaders, offering mentorship and opportunities to test their technologies in real environments.
The programme will focus on tracking & monitoring, maintenance & efficiency, and health, safety & security. A wildcard category will consider disruptive ideas with potential impact.
L Marks has also been appointed Thames Freeport’s strategic innovation delivery partner.
READ: Verizon, Nokia launch 5G at Thames Freeport sites
Stuart Rimmer, Interim CEO of Thames Freeport, said: “These collaborations with L Marks and Rainmaking underline our commitment to delivering real-world impact, creating jobs, supporting businesses, and building a future-ready economy where communities prosper and new industries thrive.”
Tom White, Director of Innovation at Thames Freeport, stated: “The Connectivity Lab and our wider partnerships give us the platform to mobilise new solutions at scale.
“Working alongside innovators, corporates and the public sector, we are building an ecosystem that delivers real impact for both businesses and communities. Together with technology leaders, investors and startups, we are seizing the opportunity to create a global hub of impact-led innovation, and the door is open to those ready to be a part of it.”
Last month, London Thames Hydrogen confirmed a £200 million ($270.9 million) private-sector commitment to build a next-generation hydrogen-from-waste facility on the Tilbury Tax Site at Thames Freeport.
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02 September 20252 min readThames Freeport Launches Ai And 5G Lab For Port Innovation
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02 September 2025
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Dp World In Talks To Operate $1.6 Billion Contrecœur Container Terminal At Montreal PortGlobal logistics leader DP World Ltd. is negotiating with the Montreal Port Authority (MPA) to operate the new Contrecœur container terminal, a project that could raise the port’s capacity by more than 50%.
The terminal will be located on the St. Lawrence River, northeast of Montreal, Canada’s second-largest city. The project, with a cost estimated at C$1.6 billion ($1.2 billion), could begin construction as early as September 2025 and is expected to be completed by 2029 or 2030.
DP World Canada CEO Douglas Smith confirmed that discussions are ongoing, describing the process as competitive. A spokesperson for DP World said that while the company sees strong potential for logistics infrastructure in Montreal, no formal announcements have been made.
The Montreal Port Authority also stated that discussions with a private investor are ongoing but declined to reveal the partner until a formal agreement is signed. MPA President Julie Gascon said that the project is crucial for strengthening supply chains in Eastern Canada and diversifying international trade.
The Contrecœur terminal project has been in planning for decades. The MPA purchased the land in the 1980s, and detailed planning has continued for over 12 years. Costs have risen due to inflation and construction delays, but the governments of Canada and Quebec have pledged more than C$500 million to support the project.
Montreal’s port currently handles 2.1 million containers annually, with projections showing full capacity by 2030. The Contrecœur terminal will add 1.15 million containers per year, significantly enhancing the port’s capacity.
The terminal will be integrated with CN Railway, connecting it efficiently to North America’s wider rail network.
If selected, DP World would add Montreal to its existing Canadian operations, which already include terminals in Vancouver, Nanaimo, Prince Rupert, and Saint John. Earlier this year, DP World opened a freight forwarding office in Mississauga, Ontario, offering sea and air freight, customs clearance, cargo insurance, and domestic trucking, catering to industries like retail, technology, and automotive.
DP World has strong ties to Quebec through Caisse de Dépot et Placement du Québec (CDPQ). La Caisse owns 45% of DP World’s Canadian subsidiary and has co-invested billions in the company’s global port operations, including a US$5 billion minority stake in DP World’s Dubai assets in 2022 and a US$3.7 billion global ports investment platform in 2016. CDPQ CEO Charles Emond called the project strategic for Quebec.
The MPA has submitted a notice of intent to begin preliminary construction on September 29, 2025, pending final approvals. Once approved, work on the Contrecœur terminal could begin immediately.
Reference: Bloomberg
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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01 September 20254 min readDp World In Talks To Operate $1.6 Billion Contrecœur Container Terminal At Montreal Port
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01 September 2025
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Uk Secures Historic £10 Billion Warship Export Deal With NorwayThe United Kingdom has secured its largest-ever warship export deal by value after Norway confirmed it will purchase British-built Type 26 frigates in a £10 billion agreement. The deal is expected to support thousands of UK jobs, boost the economy, and strengthen NATO’s defences in northern Europe.
Under the agreement, Norway will buy at least five Type 26 anti-submarine warfare frigates, which will operate alongside the Royal Navy’s eight ships of the same class. Together, the two fleets will create a powerful force of 13 advanced frigates designed to track and defeat hostile submarines.
The programme is set to sustain around 4,000 jobs across the UK until the 2030s, with more than 2,000 based at BAE Systems’ shipyards in Glasgow. In total, more than 400 British companies are expected to benefit, including 222 small and medium-sized enterprises. These include 103 firms in Scotland, 47 in the North West of England, and 35 in the West Midlands.
UK Prime Minister Keir Starmer described the deal as a demonstration of the government’s plan to create jobs and protect national security.
Norwegian Prime Minister Jonas Støre called the choice of the UK a “strategic partnership,” noting that it followed a competitive process involving proposals from France, Germany, and the United States. He said the decision would help Norway meet the objectives set out in its long-term defence plan.
UK Defence Secretary John Healey emphasised the long-standing partnership between the two countries, noting that Britain and Norway have worked together for over 75 years to secure NATO’s northern frontiers. He added that the agreement will allow their navies to train, operate, and deter threats jointly, with the ships playing a key role in protecting vital undersea infrastructure.
Charles Woodburn, Chief Executive of BAE Systems, said the contract demonstrated Norway’s confidence in British industry’s ability to deliver world-class naval capability.
The Type 26 frigate is equipped with advanced sensors, cutting-edge communications, and sophisticated weapons systems. Its flexible design allows for future upgrades, ensuring the ships can adapt to emerging threats in the decades ahead.
The deal further deepens cooperation between the UK and Norway within NATO. Norway is also set to participate in the UK Carrier Strike Group’s full deployment in 2025 and is working with the UK and allies to safeguard critical undersea infrastructure in northern Europe.
Reference: UK gov
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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01 September 20254 min readUk Secures Historic £10 Billion Warship Export Deal With Norway
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30-Ton Hatch Recovered From Coal Ship Explosion In BaltimoreBaltimore’s shipping traffic was disrupted for nearly a week after an explosion on a fully laden coal carrier in the Patapsco River forced the recovery of a massive 30-ton hatch from the harbour.
The 81,681 dwt W-Sapphire, managed by Athens-based W Marine and flagged in Liberia, had just cleared CSX’s Curtis Bay terminal around 6:30 pm on August 18 when a blast ripped through its forward cargo section, sending fireballs and an 80 m smoke plume into the summer sky close to the collapsed Francis Scott Key Bridge. Local residents described hearing the detonation and feeling vibrations in their homes.
All 23 crew and two pilots were safely accounted for, with no injuries reported. The 13-year-old bulker, laden with coal and bound for Port Louis, Mauritius, was corralled by tugs and guided to anchorage, where it has remained under US Coast Guard supervision.
On Thursday, the US Coast Guard confirmed it had recovered the hatch and fully reopened the Fort McHenry Channel to ship traffic. The Port of Baltimore said sonar sweeps conducted by the Army Corps of Engineers helped locate and clear the obstruction.
Investigators are probing whether spontaneous combustion or coal dust ignition might have triggered the incident.
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29 August 20251 min read30-Ton Hatch Recovered From Coal Ship Explosion In Baltimore
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Port Of Melbourne Sets Record With $154 Billion Trade In Fy25Container throughput reached a historic high of 3.39 million TEUs, averaging over 9,200 TEUs daily, making it Australia’s largest container port with nearly 21 per cent more volume than any other national port.
Saul Cannon, CEO of Port of Melbourne, said: “Handling more than one-third of Australia’s container trade, we continue to support Victoria’s growth through investments in infrastructure and strong collaboration with government, industry, and community.”
In FY25, container trade comprised 40 per cent full imports and 20 per cent full exports.
Furniture dominated imports with over 9 per cent of total container imports, increasing 23 per cent from FY24, alongside appliances, clothing, toys, and sporting goods.
Agricultural products from regional Southeast Australia led exports, with wheat accounting for nearly 6 per cent of container exports. Other top exports included hay, fresh fruit, beef, sawn timber, and barley.
READ: Port of Melbourne throughput up 3 per cent in May 2025
China remains the port’s largest trading partner, accounting for 50 per cent of container imports and 20 per cent of exports in FY25.
David Olsson AO, ACBC National President, highlighted the port’s vital role in Australia–China trade, noting renewed economic engagement and opportunities in green supply chains and innovation.
Southeast Asia is an emerging key region, with exports rising from 19 per cent in FY20 to 27 per cent in FY25. Thailand, Vietnam, Malaysia, and Indonesia rank among the port’s top import and export partners.
With container trade expected to double over the next 30 years, Port of Melbourne has invested nearly $1 billion since 2016 to enhance infrastructure, including Swanson Dock West to accommodate larger vessels.
Planning is underway for a fourth container terminal and nine other projects outlined in the Draft 2055 Port Development Strategy, due for publication by December 2025.
Last month, Port Melbourne Containers partnered with OneStop to implement two integrated digital solutions from 1 September 2025: OneStop Modal and Vehicle Booking System (VBS).
Port Technology International
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29 August 20252 min readPort Of Melbourne Sets Record With $154 Billion Trade In Fy25
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29 August 2025
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International Seaways Clinches $330M Financing Deal For Six Lr1 NewbuildsNew York-listed tanker company International Seaways has secured on August 20 financing for use in respect of partly financing of six LR1 tanker newbuildings currently under construction at K Shipbuilding Co., Ltd. in Korea.
In a securities and exchange commission (SEC) filing on August 26, the tanker shipowner said the credit facility consists of a 12-year term loan facility of up to $239.7m and a revolving credit facility of up to $91.9m.
The company has contracts to build six scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd at a total price of approximately $359m.
“As of June 30, 2025, the company has approximately $300 million in remaining construction commitments, which are expected to be paid through a combination of long-term financing and available liquidity,” International Seaways said in its financial report for the second quarter 2025.
The vessels are contracted to be delivered beginning in the third quarter of 2025 through the third quarter of 2026.
These vessels are expected to deliver into the company’s niche Panamax International Pool.
International Seaways owns and operates a fleet of 79 vessels, including 11 VLCCs, 13 suezmaxes, five aframaxes/LR2s, 12 LR1s (including six newbuildings), and 38 MR tankers.
Jeff Pribor, the company’s CFO stated, “During the quarter, we sold two older vessels, realizing annualized returns of nearly 50% since acquiring them in 2021. Over the past year, we have returned 75% or more of our adjusted net income to shareholders through dividends. We also secured attractive financing for our LR1 newbuildings that begin delivering in the third quarter.”
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28 August 20252 min readInternational Seaways Clinches $330M Financing Deal For Six Lr1 Newbuilds
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28 August 2025
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