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Supertanker

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. that resulted in the judgment was appropriate.  


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)


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


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.


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.


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


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


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


Tanker Crew Freed After Kidnapping Off Nigeria

Three crew members of a Maltese-flagged supertanker, who were kidnapped by pirates three weeks ago off Nigeria, have been released, Greece's foreign ministry said on Wednesday.   The Kalamos crude carrier was heading to Nigeria's main oil terminal when it was attacked on Feb. 3. The pirates killed the ship's Greek deputy captain and escaped with three crew members -- one Pakistani and two Greeks.   All three are now safe and undergoing medical tests, the ministry said


First ShipArrestor Delivered

The ShipArrestor container is lifted by the helicopter.

Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) signed its acceptance of the first of two ShipArrestor systems from Miko Marine, making Norway the first country with a system that gives it the ability to protect its shores from the danger of drifting oil


Amid Yemen Chaos, China Lifts More Oil

China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week. The 2 million barrel Very Large Crude Carrier (VLCC), Tai Hung San


Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE, April 1 (Reuters) - A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face


Refineries Revolution Spurs Product Supertankers

The rapid growth of mega refineries is prompting a new class of oil products supertankers, mirroring an earlier revolution in crude oil shipping, as traders look for scale that was previously not economically viable. In the early 1970s, ships capable of carrying 2 million barrels of crude oil


First ShipArrestor System Delivered in Norway

The ShipArrestor lassoes a target vessel during a trial

Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) has signed its acceptance of the first of two ShipArrestor systems from Miko Marine, making Norway the first country with a system that gives it the ability to protect its shores from the danger of drifting


Is Oil Price Pain, Shipping Industry's Gain?

Tumbling prices and oversupply may be cause for concern in the oil industry, but shipping industry it can represent a window of opportunity.   A simple statistical data can put things in perspective for you: Two out of every three barrels of oil that are transported are moved around in ships


Supertankers Buying Spree to Beat Oil Glut

Oil Tanker: Vitol

 Some of the world’s largest oil traders are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices.   Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months


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


Highest Tanker Shipping Rates in Six-Years

Courtesy: Dynacom Tankers Management

Morgan Stanley and Evercore Partners Inc. predicting the highest shipping rates in six-years are possible with demand to store oil on vessels is strengthening, says a Bloomberg report. Supertanker owners from Tokyo to Athens days that oil-at-sea storage demand has gone up. Frontline Ltd


Tanker Firms Eye US Listings as Market Rebounds

Photo courtesy of Euronav

Inspired by an upturn in shipping markets after one of the worst sector downturns on record, a batch of oil tanker companies are looking to raise capital through U.S. listings.   While crude prices have fallen more than 50 percent since June, tanker prospects have brightened


Oil Tankers Run Gauntlet in Nigeria's 'Pirate Alley'

Photo: Edward Stegle

A pirate attack that killed a supertanker crewman off the coast of Nigeria this week has highlighted a growing threat off oil-rich West Africa, as vessels carrying millions of barrels of crude traverse a region that has become known as "pirate alley".  


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


Shipping Industry Faces Shake Up

Photo: Aurelie Moulin

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


First Supertanker Docks at Vopak-Dialog Terminal

A supertanker carrying about 1 million barrels of Middle East crude docked on Monday at a terminal jointly run by Vopak and Dialog Group in Malaysia, the companies said. The arrival of tanker MT Mesdar marked the start of operations at southeast Asia's first commercial crude oil tank farm.


Nicaragua Canal: Connects Ocean, Disconnects People

Nicaragua canal (HKND Group)

 The $50 billion Nicaragua Canal scheme promises to bring huge economic benefits to Central America's poorest country. But environmentalists and peasant farmers strongly oppose the project. And many are wary of the Chinese company that is to construct the canal.  






 
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