Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.Such a disruption "could further exacerbate the supply problem…
Rig firm Seadrill risks Chapter 11 bankruptcy
Seadrill faces debt-to-equity conversion; Chapter 11 beckons; billionaire John Fredriksen risks dilution of stake. Rig firm Seadrill, battling with $14 billion in debt and liabilities, said on Tuesday it may have to file for Chapter 11 bankruptcy protection if it fails to reach a restructuring agreement with its lenders, sending its shares down 14 percent. Once the crown jewel in the empire of shipping tycoon John Fredriksen, Oslo-listed Seadrill's…
Traders Book Oil Tankers to Store 25m Barrels at Sea
Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as trading companies adopt a strategy that was last used in 2009 when prices slumped and led to over 100 million barrels of oil being parked on tankers at sea before stocks were sold off.
Tanker Markets See Storage Boon from Oil Price Collapse
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83,000 a day - helped by a drop in shipping fuel bunker prices. Overcapacity, which has dogged owners for years, is also receding. Herbjorn Hansson, chairman and chief executive of Nordic American Tankers…
Crude Oil Carriers DHT Report Favourable Wind in Q4 2013
Oslo, Norway-based DHT Holdings, Inc. reports fourth quarter 2013 results and the acquisition of two VLCCs. EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15.4 million in revenue related final settlement of sale of OSG claim. The Company will pay a dividend of $0.02 per common share for the quarter payable on February 13, 2014 for shareholders of record as of February 6, 2014.
