TOP STORY

Saverys step into Euronav as Fredriksen exits

Alexander Saverys is the new chief executive of Euronav. Photo: CMB

John Fredriksen’s Frontline has cemented its exit from Euronav, which appointed Alexander Saverys as its chief executive in what he described as a new chapter for the tanker giant. The deal ends a dispute over the Belgian tanker owner with a solution that in effect divides the company. Read the full story here.

The new CEO of Euronav, meanwhile, has revealed how the future might look. Speaking to TradeWinds’ Gary Dixon, Saverys said the company now wants to accelerate a strategy around decarbonisation and diversification, while “optimising” its fleet. Read more on this here.

IN THE NEWS

Car carrier hijack | In an unwelcome development that shocked shipping at the start of the week, a vessel linked to Israeli businessman Abraham “Rami” Ungar’s Ray Car Carriers was detained by Houthi militants in the Red Sea. The attackers claimed the action was in retaliation for Israel’s war in Gaza, although the car carrier Galaxy Leader has no Israelis on board and is operated by Japan’s NYK Line. The incident highlights the dangers Western shipping faces in the vital shipping lane. Read TradeWinds’ stories on the hijacking here.

Long way round | A Glencore-chartered MR tanker is on a detour of thousands of miles to avoid delays at the Panama Canal. The 50,000-dwt High Loyalty (built 2015) left Chile early in November and is due in New York on 14 December, shipping data reveals. Read the full story here. VLGC owners are giving up on the canal as journey times stretch by half, it also emerged.

Tech tie-up | Danish maritime technology firm Danelec has bought Nautilus Labs, the fleet and voyage optimisation platform that employs artificial intelligence to cut fuel consumption and carbon emissions. The deal is the latest hardware-meets-software combination in the optimisation sector after digital technology firm ZeroNorth announced it was joining forces with Alpha Ori Technologies. Read the full story here.

Shipbroker fined | Braemar Securities, part of London-listed shipbroking group Braemar, has been hit with a fine after violating regulations on communications and disclosures. The freight derivatives desk was fined $140,000 by the National Futures Association, following a complaint issued in August by the US-based regulator’s Business Conduct Committee. Read the full story here.

Yards shortlisted for Maersk order | The list of contenders to build 12 methanol dual-fuel boxships for AP Moller-Maersk has been narrowed down to two Chinese shipyards, TradeWinds has learnt. State-owned CSSC Huangpu Wenchong Shipbuilding and Singapore-listed Yangzijiang Shipbuilding are the only yards left in the running for the 3,500-teu orders, thought to be worth $840m. Read this in full here.

All bets are on | When Scorpio Tankers president Robert Bugbee offers to bet you on this or that development happening in the product tanker market, it is a good idea not to take that bet. It is probably why tanker counterparts including Lois Zabrocky of International Seaways and Anthony Gurnee of Ardmore Shipping would not bite last week when Bugbee made a suggestion that might have seemed a bit far-fetched. Read the full story here.

COMMENT

Footage by Houthi rebels shows the hijacking of the Galaxy Leader. Photo: Houthi military

In this week’s Wavelength, Terry Macalister looks at how the seizure of the Galaxy Leader should raise red flags for owners, even though such attacks are not new. Read the latest Wavelength here.

And keeping up the theme of the hijack, Eric Priante Martin reflects on how the Middle East conflict, like Russia’s war in Ukraine, means workers at sea face the barrel of a gun. Read this here.

IN-DEPTH

Does the rise of very large ammonia carriers spell the end of VLGCs?

The VLGC is dead. Long live the VLAC (very large ammonia carrier)! As one prominent newbuilding broker put it: “The VLGC as an acronym is finished.”

VLACs are essentially VLGCs but designed to carry full cargoes of ammonia. Since ammonia has a high specific gravity, their cargo tanks and hulls need to be reinforced and they will have a deeper draught when fully loaded.

Until about 14 years ago, some VLGCs could lift ammonia cargoes but this would be at about 80% of the vessel’s carrying capacity. However, parcel size and trades meant the carriage of ammonia largely became the domain of the midsize gas carriers.

The VLAC has now broken onto the scene and looks set to stay, if not take over, from the VLGC in all but name. Read the story in full here.

NEWSPAPER

In this week’s TradeWinds newspaper:

The Houthi hijack shock, Sovcomflot hits back at US sanctions and Moundreas breaks cover.

Plus, after changing the face of electric vehicles, space travel and social media, can Elon Musk sprinkle his stardust on shipping?

Click here to read the latest edition.

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