Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed…
Frontline Profitable in Q1 Despite Low Freight Rates -CEO
Oil tanker firm Frontline's earnings are in the black so far in the first quarter despite strong headwinds from low freight rates, it's top executive said on Thursday."We are at current rates still running at a profit," Chief Executive Robert Hvide Macleod told a news conference. (Reporting by Victoria Klesty, editing by Terje Solsvik)
Frontline buys 10 Tankers from Trafigura
Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an immediate impact to our earnings at a time when we expect freight rates to increase significantly," Fron
Insurance Snags May Impede Iran Oil Exports
Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's banking, insurance and shipping sectors. Since then, Iran has ordered a 500,000 barrel per day (bpd) increase in oil output, of which 200,000 bpd will go to Europe.
Frontline Reports Strongest 3Q
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015. * The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively. The Company received compensation payments of $2.2 million and $1.3 million…
Oil Storage at Sea Stalls as Profit Play Fades
Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday. In January, the price of spot oil was around 50 percent lower than a peak hit in June, enabling traders to potentially make money by storing crude for delivery months down the line, when prices were expected to recover. Tanker industry sources…
