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Supertanker

Supertanker Rates May Jump Next Week

According to a report from Bloomberg, the chartering manager of Dynacom Tankers Management Ltd., an Athens-based operator of supertankers, told Bloomberg that vessel supply is balanced and rates are expected to go from 70 to 75 Worldscale points by next week. (Source: Bloomberg)


Korean Shipbuilder to Pay US$3.5-million Compensation

A Texas appeals court affirms US$3.5-million judgement against Daewoo Shipbuilding & Marine Engineering Co. The court upheld a jury’s finding that the Korean company wrongfully refused to pay consultants who helped secure a $696 million contract to build supertankers. The Fourteenth Court of Appeals held that the jury’s interpretation of an ambiguous agreement between Daewoo — the world's second largest shipbuilder — and Ikanco Inc


Supertanker Freight Rates Back on Track

Freight rates for supertankers to Asia, which last week suffered their most serious decline in over two years, have now stabilised and look set to recover, tanker brokers said on Wednesday. One London broker referred to a VLCC fixture, the Lyria, on Monday to South Korea at W47.5 ($0.80 per barrel) as an exception to the market and the lowest point that it would go. "That fixture of the Lyria we can say marks the bottom of the market and we'll see a gradual recovery from here," he said


LNG-FSRU Vessel: BW Place Samsung Contract

A BW VLCC: Photo credit BW Maritime

BW Maritime inks contract with Samsung Heavy Industries for BW’s first Liquefied Natural Gas Floating Storage Regasification Unit (LNG-FSRU). Expected to be delivered in 2015, it will be the latest addition to BW's fleet of 16 LNG carriers, building on and increasing its existing LNG expertise.  This vessel and floating terminal will be able to receive and convert LNG into its gaseous form for offloading via pipelines, to gas facilities on-shore.


Tanker Rates Are

Caribbean crude tanker rates shot through the roof as oil poured towards the United States, brokers said. Typical rates for 70,000 ton upcoast U.S. liftings soared past W300 ($12.25 per ton) - up around 20 points on the previous day and about 75 points over a week ago. Increased crude production by Venezuela and Mexico was reportedly causing the spike. Increased VLCC arrivals from the Middle East was also putting pressure on Aframax supply in the U.S


Sanctions May Cut Oil Flow as Ships Cancel Voyages

U.S. and European sanctions designed to pressure Iran over its nuclear program may be cutting the Persian Gulf nation’s oil exports, as vessels cancel trips to the country.   Shipments have declined by 300,000 to 400,000 barrels a day, because sanctions are preventing Iran from selling oil, said Amrita Sen, an analyst at Barclay’s Capital in London. Half of the tankers booked to load at the country’s largest terminal last month didn’t complete the voyages


China Boosts Demand, Supply For Shipping

Since 2003, has kicked maritime cargo carriers into overdrive by importing huge amounts of raw materials to feed its economy, Investor's Business Daily reports. Until late last year, there were giant spikes in dry-cargo rates fed by 's voracious appetite for commodities. A trigger was 's switch to being a net coal importer in early 2007. Being the world's No. 1 steel maker also makes it a magnet for iron ore. But a blowback from a slumping economy is hitting


Low Freight Rates Cut Costs for Importers

Oil freight costs that have fallen sharply from record peaks two months ago are helping reduce energy import bills already eased by lower crude prices. Tanker market experts said freight charges that rocketed to unexpected heights in November looked set to remain under control over the next six months at least. Very Large Crude Carriers (VLCCs) delivering crude to Japan and Singapore from the Middle East now charge about Worldscale 85, $1


Danger on the High Seas

A tale of survival could best describe John S. Burnett's experience onboard his sloop Unicorn in January 1992. Sailing solo across the South China Sea to Singapore - one of the busiest shipping lanes in the world - Burnett was attacked by pirates. However, with luck on his side, Burnett, who is a journalist and professional seaman, survived. Following this harrowing experience, Burnett was prompted to investigate further the world of modern-day piracy - world that is as shocking as it is


IMO: Streamlined Shipping Inspections Are Under Study

Shipping's myriad safety inspections are facing a radical overhaul after high level meetings between the International Maritime Organization (IMO) and oil industry officials. Ships arriving in port are routinely scrutinized by surveyors from five different bodies, often checking the same item. The system has failed to prevent numerous sinkings this year and last, causing dozens of deaths and widespread pollution. IMO Secretary General Bill O'Neil said that it may now be time to combine all


Marseilles Targets Mega-cruise Repair Market

Renovation work underway at Drydock 10, Marseilles

The Marseilles Fos port authority said it is targeting mid-2015 to complete the €28 million renovation of its giant drydock 10 to provide a strategically located base for cruise ship repair and maintenance. At 465 meters long and 85 metrs wide - the third biggest in the world after Lisbon


Iran Oil Tanker Firm Still Faces Sanctions

Iran's main oil tanker firm NITC will struggle for some time to call at European ports, get foreign insurance and overcome obstacles under western sanctions, even after a top court has annulled its blacklisted status in the European Union.


Maersk Continues Exit from Crude Transport

(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers


Increase In SE Asia Cargo Thefts - Dryad Maritime's Warning

Dryad Ian Millen

The latest report of a tanker hijack in Southeast Asia has prompted Dryad Maritime to issue an advisory to its shipping clients, on the basis that the crime follows a pattern, which has seen up to six such attacks, over the last nine months. The industry leading maritime operations company that


Private Equity Spending Fuels Shipping Sector Risk

Private equity has pumped $32 bln into shipping in past 2 years. Ships totaling 299 mln dwt to enter global fleet from May. Some private equity-backed shipping IPOs have been put off on weak sentiment. The shipping industry faces a looming capacity glut as billions of dollars pumped into it by


Iran's Oil Exports Surge above Sanctions

Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran


Brent Slips Below $109 as Severe Winter Eases

By Manash Goswami, Reuters Brent crude futures slipped on Friday below $109 a barrel on expectations demand growth will slow as severe winter weather eases, with supply worries keeping the losses in check for now. A severe winter chill in the United States and Europe and supply disruption


Iran's Oil Exports Pick Up

By Jonathan Saul, Reuters Iran's oil tanker fleet is gearing up for more business, with some vessels taking to the high seas after over more than a year at home ports, another sign that an easing in Western sanctions is enabling exports to begin to pick up.


Norway Buys ShipArrestor System

ShipArrestor trial with drifting LNG tanker

The Norwegian Coastal Administration (Kystverket) has signed a contract with Miko Marine AS to become the first national agency to purchase the ShipArrestor system. The two packages ordered are due for delivery this summer and feature sea anchors that can be deployed on ships by helicopter


Marine Cybersecurity: Is Your Ship Safe? Are You Sure?

There is a growing threat to marine safety, security, and environmental protection from the over-reliance on electronics to accomplish operational tasks.

On February 12, 2013, President Obama issued Executive Order 13636 – Improving Critical Infrastructure Cybersecurity.  Citing repeated electronic intrusions into critical infrastructure, the document states that it is the policy of the United States Government to increase the volume


AAIB Granted License to Operate in Somalia

William Wakeham

Regional insurance brokerage and risk management company AAIB first to be granted license to operate in Somalia as economic opportunities drive demand. Regional specialist in broking, risk management and consultancy Anglo Arab Insurance Brokers (AAIB), has broadened its footprint


Task Force Brings Somali Pirate Tankship Attackers to Book

Pirate skiff destroyed: Photo credit ABIS Jayson Tufrey, Commonwealth of Australia

The Combined Maritime Forces operation was co-ordinated from the British Royal Fleet Auxiliary vessel 'Fort Victoria' with support from Australian ship HMAS Melbourne, South Korean destroyer ROKS Wang Geon, European Union flagship HNLMS Johan de Witt and a Seychelles-based maritime patrol aircraft


U.S. Defense Conducts Maritime Strike Ops

Pictured is a B-1B Lancer on a training mission. The US Air Force recently conducted a successful test of its ability to neutralize and eliminate the threat of small boats in acts of terror. During that testing period, a B-1B Lancer supersonic variable-sweep-wing bomber launched a GBU-10 laser-guided bomb to take out a remotely-controlled mobile surface vehicle.  The GBU-10 has a published accuracy of 3.6 feet, making it a good weapon against a small target like a boat. Although its 945 pound wa

The looming threat of small boats to national security calls into play some innovative options. Since the horrific terrorist attacks of September 11, 2001 revealed a series of national security vulnerabilities, the U.S. Departments of Defense and Homeland Security have been exploring options to


Sanctions Force Iran to Increase Tanker Fleet

With Western Sanctions increasingly tightening on Iran, the country has taken delivery of several new oil tankers as it must rely on its own fleet capacity to help sustain crude export shipments, Reuters reported. Sanctions by the U.S. and Europe have severely reduced Iran’s oil Exports


Tankship Freight Rates in Swift Freefall

Photo in public domain

The biggest slump in tanker rates since January is signaling weaker U.S. oil imports, and is causing a 15-year low in the shares of one major crude-oil tankship operatore, reports Bloomberg. Rates for the biggest crude carriers tumbled 68 percent in the past two weeks






 
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