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Overseas Shipping Companies Thinking Big!
Overseas shipping companies involved in the business of transporting crude oil don't all start life as a large corporate shipping entity. In fact, it's not uncommon for the larger tanker owners to have started business in the crude oil freight carrier business as a player in one of the world's domestic markets, before becoming a bigger player in the business of transporting bulk crude oil to international markets.

Malaysian-owned AET is one Asian player in the transport of crude oil that started life as a Singapore-owned tanker owner transporting crude oil in the United States Gulf regions. Since this time AET has grown to stand shoulder-to-shoulder with some of the giants in the tanker industry and currently operates almost 100 tankers and according to company sources they have plans to increase their current fleet to over 150 tankers in the future.

Reports around the freight carrier industry indicate that AET has been at work fixing other tankers to time-charters in March and April. The company's fleet currently has 50 aframaxes, 11 VLCCs, one panamax and 10 product tankers with an average age of seven to eight years, so it's a pretty modern fleet.

AET has also been at work trying to build business relationships to give them the global presence they desire in all of the tanker trades. Clearly, AET isn't comfortable with their standing in the freight carrier industry as an Asian player in the tanker industry and this player has dreams of standing shoulder-to-shoulder with the likes of Teekay, Overseas Shipholding Group and Frontline.
Posted on 10 Sep 2010 by Momentum
Singapore's Freight Carriers Sitting-Pretty
The worldwide freight carrier industry is still reeling from getting caught up in the chaos of the first financial storm of the century of the environment. A financial storm that has thrown the various sectors of the freight carrier industry into emergency-mode as shipping companies have battened down the hatches in order to ride out the rough seas through the first decade of the new century. The air freight industry has had to live with increasing costs and falling revenues while trying to deal with air space closures due to volcanic ash from active volcanoes in Iceland filling the skies and delaying and impeding air freight movements in Europe and other regions of the world. Take a trip to the Golden City of Singapore though and walk down the streets and talk to the professionals in Singapore's freight shipping industry and you might get a different picture of the current state of the freight shipping business.

Singapore dealt with a few incidents at the onset of the financial storm, such as the demise of Armada Singapore, but apart from this collapse there have been few other corporate failures to talk about. The cornerstone of Singapore's freight shipping industry, their tanker fleet, successfully navigated the treacherous financial-reefs of the past twenty months that the international freight carrier industry experienced. Singapore's shipping firms were in a strong financial position at the start of the financial storm and were able to use sound business practices and decisions during this time of trouble to ride out the financial storm and emerge on the other side of the reefs in one piece and looking forward to open seas and sunny skies ahead. They were also able to take advantage of their strong position during the down cycle in the tanker industry to expand business opportunities while looking forward to putting new ships on order to work in the future.

The world's appetite for oil hasn't subsided because it cost more to fill a gas tank, but this bodes well for the tanker industry which fills this appetite for oil. Tanker owners worldwide certainly experienced a year of rough financial seas as oil prices plummeted but with the recent upswing in prices business has been getting better.

The momentum Singapore has been building in its dry bulk freight shipping business was slowed a bit during the Armada Singapore saga, but reports indicate the players in this sector of Singapore's freight carrier industry are still in play and brokers continue to report no declines in their dry bulk chartering activities.
Posted on 09 Sep 2010 by Momentum

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