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Asia Tankers-VLCC Rates Will See More Volatility

file image: A Suez Max Tanker in the Suez Canal.

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply, could fall as more supertankers become available for charter in the last 10 days of this month, a Singapore-based VLCC ship broker said on Friday. Rates from the Middle East to Japan have climbed 17 points on the Worldscale measure after hitting a six-and-a-half year low on Aug. 26. That is equivalent in average earnings of almost $21,000 per day. Supertanker rates from West Africa to China have also recovered. That followed a surge in chartering activity with around 50 eastbound cargoes fixed from the Middle East and West Africa by operators and traders, including the National Shipping Company of Saudi Arabia (Bahri), and Morgan Stanley, Reuters chartering data showed. Unipec, the trading and shipping arm of China Petroleum & Chemical Corporation (Sinopec), fixed 20 of these cargoes from the Middle East and West Africa to Asia, mainly China. Many of the early fixtures were older vessels or supertankers chartered straight from dry dock at cheaper rates by owners because otherwise the ships would have to wait for cargo, the broker said. Rates climbed as this supply of prompt tonnage disappeared, although the market may face a similar situation in the next week or so.


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


Asia Tankers-VLCC Rates Expected to Soften

File image (Suez Canal Authority)

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs) will continue to soften next week as ample tonnage supply weighs on the market, although a raft of Middle East fixtures are expected to put a floor under charter rates, ship brokers said on Friday. That came as VLCC rates from the Middle East rose to a two-week high on June 28 before slipping slightly


Tighter Supertanker Market Impacts Asian Fuel Supplies

The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs, shipping and trade sources said. Crude prices have fallen nearly 60 percent since June and, with prices a year ahead already quoted about $10 a barrel dearer than now, crude traders have hired up to 20 supertankers to store oil with a view to turning a big profit later.


N. Asia Snaps up Russian Crude Oil

Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs, traders said on Thursday. The freight rate for chartering Very Large Crude Carriers (VLCC) plying the key Middle East to Japan route <DFRT-ME-JAP> and the West Africa to China route are at the highest in


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


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


Oil Glut Leaves Supertankers in a Huge Jam

It may be the world's biggest traffic jam.   As ports struggle to cope with a global oil glut, huge queues of supertankers have formed in some of the world's busiest sea lanes, where some 200 million barrels of crude lies waiting to be loaded or delivered.   The vessels, filled with oil worth around $7.5 billion at current market prices, would stretch for almost 40 km (25 miles) if formed up in one straight line.  


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.


VLCC Rates Under Pressure in Oversupplied Market

A EuroNav VLCC Underway (file image, Credit EuroNav)

Owners face difficulty raising rates due to discounted ships. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure next week as charterers drip-feed cargo in the face of surplus tonnage, shipbrokers said.


Asia Tankers-VLCC Rates to Climb on More MidEast, West Africa Liftings

File Image (Credit: EuroNav)

VLCC rates from MidEast have reached a floor at W33; surging Suezmax rates could make VLCCs more attractive. Freight rates for very large crude carriers (VLCCs) are set to climb next week as charterers ramp up tanker fixing activity from the Middle East while increased oil volumes from West


Asia Tankers-VLCC Rates Steady, Owners Resist Further Cuts

File Image (Credit: EuroNav)

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push


Asia Tankers-VLCC Rates Steady as Suezmax Fixtures Weigh

Charterers splitting VLCC cargoes into smaller Suezmax tankers; rates to remain around $24,000 per day, below break-even levels. Freight rates for very large crude carriers (VLCCs) on main routes to Asia are set to hold around current levels next week


Asia Tankers-VLCC Rates to Fall but Bottom in Sight

File image: Credit EuroNav

VLCC owners sailing slower and idling vessels; slow market to continue into September. Freight rates for very large crude carriers (VLCCs), which hit multi-year lows on Thursday, could slip further next week even as ship owners begin to resist charterers attempts to push rates lower


Tanker, Containership Collide in Singapore

An Iranian supertanker collided with a container ship in the Singapore Strait with no loss of life or pollution despite damage to both vessels, shipping officials said on Thursday.   The Maritime and Port Authority of Singapore (MPA) said the collision took place just before midnight on


Iranian Ports Not Affected by Sanctions

Photo: Ports and Maritime Organization

 Managing Director of Ports and Maritime Organization (PMO) Mohammad Saeed-Nejad says the nuclear deal between Iran and P5+1 has removed all sanctions imposed on Iranian ports.   The  big vessels and famous international shipping lines are facing no restrictions in their traffic


Unipec to Shed ULCC Storage Charter

The UK-based trading arm of Beijing-backed Sinopec will give up the megatanker it booked to park crude in Asia at the onset of the drop in global prices two years ago, sources told Reuters. Unipec UK took over a lease on the TI Europe, one of just two Ultra Large Crude Carriers capable of


Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

File Image: A VLCC at sea (EuroNav)

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said.


Asia Tankers-VLCC Rates to Hold, Ample Tonnage Weighs

file image: a VLCC transits the Suez Canal (Suez Canal Authority)

"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs) are likely to hold steady around existing levels as new vessel deliveries and a reduction in port delays weigh on a ample


Marseille Mega-ship Initiatives Enter Final Phases

Photo: Port Marseille Fos

The two main construction projects in the Marseille harbor area of leading French port Marseille Fos are nearing completion following a decisive stage in works costing almost €64 million ($70.6 mln) that will cater for mega-ships by enlarging the Passe Nord port entrance and recommissioning


Asia Tankers-VLCC Rates to Climb Slowly

File image: a so-called SuezMax oil tanker (Suez Canal Authority)

Around 47 MidEast charters fixed for July loading so far; older tonnage and new vessels a drag on freight rates. Freight rates for very large crude carriers (VLCCs) are set to nudge higher next week after moving above nine-month lows on increased charters this week, ship brokers said on Friday


Southeast Asian Nations Designate Safe Shipping Corridor

Indonesia, Malaysia and the Philippines on Monday agreed to designate a transit corridor for commercial vessels crossing a maritime zone hit by a spate of hijackings by Islamist militants in the southern Philippines. Nearly 20 Indonesian and Malaysian tugboat crew have been kidnapped by the Abu


Asia Tankers-VLCC Rates Strengthen on June Charters

30-40 Mid-East VLCC cargoes still to be contracted for June; Posidonia shipping event next week in Greece may dampen activity. Freight rates for very large crude carriers (VLCCs) could rise next week as charterers complete their June loading programme


Asia Tankers-VLCC Rates to Dip Before Fuel Oil Fixtures

File Image: a so-called Suezmax tanker transits the Suez Canal (Suez Canal Authority)

Worst over for Aframax market as fuel oil cargoes lift rates. Freight rates for very large crude carriers (VLCCs) could slide further before finding a floor and recovering on a rebound in chartering activity, ship brokers said on Friday.






 
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