According to reports, the Norwegian ship brokers confirmed that the National Iranian Tanker Co. has chartered two more very large crude carriers to store unprocessed crude oil. The latest bookings raise NITC's floating storage capacity to 18.4m barrels, sources said Iran already has seven very large crude carriers under contract for use as storage. Source: Big News Network
Mideast-Asia VLCC and Mediterranean Suezmax crude tanker rates have risen due to increased activity and a lack of vessels, shipping brokers said Sept. 29. VLCC rates to Japan from the Middle East lifted to W52.5 and were heading for W55, from around W47.5 last week, brokers said as cargoes finally came on the market. Other destinations were also lifted with brokers saying W50-52.5 might be reached for Singapore and China and W52.5 for Korea for modern vessels.
Marc La Monte - 1963-2013 Heidmar reported the unexpected passing of Marc La Monte of Wilton, Connecticut. Mr. La Monte passed away while on a business flight in Europe on the morning of October 14th. La Monte was a widely respected member of the international shipping industry for 27 years. He served as President and Chief Executive Officer of Heidmar Inc. from April 2012. Prior to becoming CEO, La Montehad been the Managing Director of Heidmar’s VLCC tanker pool
North Sea oil tanker rates surged spectacularly again on Dec. 13 on a shortage of vessels available before Christmas, shipping brokers said. Aframax 80,000 ton vessel rates shot up a further 25 Worldscale points to W150 ($5.50 per ton) from a highest seen of W125 ($4.25) on Friday, they said. "The North Sea has gone bananas. It is very tight on tonnage for modern ships up until loading dates of around December 27," a broker said.
Houlder Sells Holdings In Tanker Broker Panel Shipbroker Howard Houlder (Chartering) Ltd. has sold its shareholdings in the London Tanker Broker Panel back to the other five members of the rate-setting group, panel managing director Robert Porter said. "Howard Houlder is no longer a panel member," Porter said. "Houlder said it wished to leave and the other panelists exercised their pre-emption rights to buy the shares back."
Internet ship-brokerage Levelseas went live this week, saying it would add functionality to allow cargo-owners and shipowners to trade with each other directly before October. "This initial release of LSX is LevelSeas' first step towards building a global, web enabled freight exchange and voyage management system," said CEO Richard Hext. Hext said that cargo owners and ship owners already did "a hell of a lot" of business directly without the use of a broker
The expected return of Iraqi oil dominated the 250,000 ton tanker market in the Middle East toward the end of the week, shipping brokers said on Dec. 10. But rates were unlikely to move drastically as there were plenty of VLCCs waiting in the Middle East to find cargoes, they said. However, Mediterranean million barrel Suezmax tankers were likely to be in strong demand once it was known when Iraqi exports could restart from the Turkish port of Ceyhan.
Surging Suezmax tanker rates are set to soar if Iraqi exports come back on stream next week, shipping brokers said on Wednesday. Rates for the one million barrel tankers have lifted to around 100 Worldscale points on fixtures from West Africa and the North Sea to the U.S., and on cross Mediterranean and North Sea routes, brokers said. "Suezmax rates are going to sky rocket if Iraqi exports come back next week," one broker said.
MC Shipping Inc. said net income for the year ended December 31, 2003 was a record $3,091,155 or $0.37 per share, compared to a net income of $2,241,906 or $0.27 per share in 2002. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $20.1 million and the ratio of EBITDA to interest expense was approximately 4.1 for the year ended December 31, 2003. In 2002, EBITDA was approximately $20
Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canada's biggest oil company Suncor have lined up ships to take at
As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial
MILAN, Feb 26 (Reuters) - Atlantic natural gas markets are seeing some of the biggest price swings in years as volatile European trade, freezing U.S. weather and Brazilian demand leave tankers torn over where to sail. The region's gas markets
Australia's North West Shelf liquefied natural gas (LNG) export plant sold a cargo to BG Group and Trafigura as part of a recent tender, in which some bidders sought to haul supply into premium European markets, trade sources said. Plans by several trading companies to ship Australian LNG
With LNG prices down as slowing demand combines with rising output, the cost to ship super-chilled natural gas has also tumbled to the lowest level in more than four years and is forecast to fall further, reports Bloomberg According to Andrew Buckland
Combined tanker capacity of at least 2.25 mcm LNG lies unused. Over a dozen liquefied natural gas (LNG) tankers are parked, many idle, in and around Singapore - one of the world's biggest trading hubs for the fuel - in a sign that the slowdown engulfing world gas markets may be worsening into a
Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.
Shipping.dk, part of USTC Group, has acquired Maersk Broker Agency. Maersk Broker Agency will be merged with Shipping.dk. The acquisition is part of the Denmark-based shipping and logistics company's plan to expand its position as a significant player in Scandinavian agency and
Charter rates at 6-year lows as cargoes scarce; some owners anchoring ships rather than leasing at a loss. Rates for capesize bulk carriers have plunged to fresh six-year lows and could fall further with cargoes scarce in the post-holiday period, brokers said.
Capesize rates fall to six-year lows; rates below ship operating costs, according to accountancy firm. Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.
Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes could nudge higher amid a flurry of new cargoes and tighter tonnage supply that propelled rates to their highest in nine months
Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector's biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever
Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs) on key Asian routes are set to continue the rebound that started on Wednesday with a raft of new cargo requirements and upbeat sentiment
Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson, the latest potential tie-up among sector players looking for scale after years of freight market
European Shipping Week has been granted the European Parliament’s official patronage by its President, Martin Schulz. Both the European Commission and the European Parliament have now actively expressed their support for the week-long event which will be held in Brussels during March 2-6
ITIC has recommended that brokers place a post-fixture clause at the end of recap messages to reduce the chances of exposure to severe financial loss as a result of important messages being overlooked. The following wording was endorsed by FONASBA at its recent annual general meeting in