While Oil Prices Plummets, Tanker Rates Fly High
If one ever needed proof that, no matter how dire the situation, there is always a silver lining, look no further than the crude tanker market, which has seen it day rates skyrocket in the face of a global pandemic that has effectively ground world commerce…
Euronav to Store Low-Sulfur Oil
The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil…
Frontline Sees Opportunity in Tanker Market
So far in 2019, 41 VLCCs have been added to the global fleet compared to three vessel demolitions, said the world's largest oil tanker shipping company Frontline Ltd.An additional 33 VLCCs are scheduled to be delivered in 2019 with 43 more to follow in 2020…
BIMCO: US Crude Exports Soar in June 2019
The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million (m) tonnes in June 2019. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer…
US Crude Oil Exports to China Stalled
The development that saw no U.S. seaborne exports of crude oil to China in August has continued into September, according to BIMCO. This is despite crude oil not being a part of the ‘official trade war’.“The trade war between the U.S. and China is now impacting…
Gagarin Prospect Performs Ship-to-Ship LNG Bunkering
The large-capacity Aframax tanker "Gagarin Prospect", owned by Russia's SCF Group, successfully implementated construction and operation commencement using LNG as the primary fuel.Konstantin G. Palnikov, Director General of Russian Maritime Register of Shipping…
Concordia Boosts Tanker Biz
To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019.
Benchamas FSO: InterMoor Completes Work
InterMoor has completed work for the installation of the new Floating Storage and Offloading (FSO) facility Benchamas 2 (FSO Benchamas 2). Previously, the Benchamas Explorer FSO, owned and operated by Chevron, was installed in 1999 in Block B8/32 in the Gulf of Thailand.
Tanker Shipping: Is the Oil Market Rebalancing or Not?
The one key factor to watch is the one thing that’s impossible to measure accurately on a global scale, oil stocks. Global stocks for both crude oil and oil products rose significantly following the sharp fall in crude oil prices in the second half of 2014.
Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut
* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand * Frontline says the winter season
Crude Oil Tanker Market Weakened, says OPEC
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before. Despite a stronger market seen in the VLCC sector…
Strong Tanker Market Extends Peak Season High Earnings
Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported. The demand for crude oil tankers remains high even though the winter months are far behind us.
FSL Trust Signs Charter Agreement with US Oil Company
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, has entered into a two-year time charter agreement with a prominent US domestic oil company for the FSL Hong Kong, a 115,000 dwt crude oil tanker built in 2007. The new employment…
Stronger Tanker Markets Prolonged on Strong Fundamentals - BIMCO
Demand for crude oil and oil product tankers is currently strong and both segments are enjoying an extended winter season with high earnings. Spot market earnings in January for VLCC and Suezmax reached USD 70,000 and USD 65,000 per day at the peak respectively.
Maersk May Reward Shareholders as Oil Unit Suffers
Danish conglomerate A.P. Moller-Maersk may announce a second share buyback scheme in its 110-year history as early as Wednesday, analysts said, allowing it to reward shareholders as its oil unit takes a battering from a slump in prices. Further divestments from its large portfolio of companies may also be on the radar…
Libyan Oil Exports All but Shut Off as Violence Spreads
Libya's oil exports have collapsed to just a trickle from two small offshore platforms, officials and industry sources said on Tuesday, as violence in the country has shut all major ports. Not a single crude oil tanker has departed Libya in the past week, industry sources say and ship tracking shows…
Tanker Firms Eye US Listings as Market Rebounds
Inspired by an upturn in shipping markets after one of the worst sector downturns on record, a batch of oil tanker companies are looking to raise capital through U.S. listings. While crude prices have fallen more than 50 percent since June, tanker prospects have brightened…
Mideast Crude Tanker Rates Near 3-month Low
Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME…
BIMCO: Tanker Market is Full of Surprises
Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market. However, like other soon-to-arrive recoveries, the waiting time tends to increase as we approach the expected tipping point.
NOC to Load First Oil in a Year from Es Sider
Libya is due to start loading its first crude oil tanker in a year from top port Es Sider on Tuesday following a year-long blockade by eastern federalists, a Libyan oil official and trading sources said. Germany's Wintershall has also resumed production for the 220…
