According to an April 15 report from Bloomberg, Frontline Ltd. said that a plunge in supertanker rates to their lowest in at least 11 years will likely spur owners to scrap ships and cancel orders for new ones. Supertankers are making $4,335 a day after fuel costs for delivering Middle East crude to Asia and the U.S., according to data from the London-based Baltic Exchange. (Source: Bloomberg)
Murmansk Shipping Company (MSCO) has completed modernizing the Natali supertanker, Interfax Russia reported. The China State Shipbuilding Corporation modernized the tanker over a six-month period. The tanker currently meets the requirements of the international convention to prevent marine pollution. Murmansk Sea Shipping operates the state nuclear icebreaker fleet under a trustee agreement for the management of state property
Citing, among other things, the explosion on the French supertanker LIMBURG in waters of Yemen, the White House issued Remarks of Homeland Security Director Tom Ridge and other Administration officials calling on Congress to promptly enact legislation to establish the Department of Homeland Security. Source: HK Law
The Canadian Coastguard has banned a damaged 24-year-old supertanker, Eastern Power, from entering its waters, saying the onus is on its owner, Singapore-based World-Wide Shipping, to prove that it poses no pollution threat. "To us it's a seaworthy vessel outside our waters with a slight leak, and until her owners can demonstrate that it is no threat to Canadian waters we are denying access," said a Canadian coastguard owner Transport Canada official, adding that the ship was carrying 1
A Dec. 25, 2009 report from Gulf News, said the number of single-hull supertankers bound for Saudi Arabia, the world's biggest oil-producer, fell 50 percent over the past month, according to ship-tracking data compiled by Bloomberg. Trading of single-hull tankers will become more restricted next year under International Maritime Organization regulations. The vessels will require inspections to prove their seaworthiness. (Source: www.gulfnews.com)
According to an Oct. 24 report from Bloomberg, supertanker owners are facing the longest stretch of unprofitable rates in 17 years as the supply of new vessels increases nine times faster than demand for oil. Shipping companies are making $3,155 a day for a single voyage, 90% below the $30,900 Frontline Ltd., one of the biggest operators, said it needs to break even. According to the report, Morgan Stanley estimates the tanker fleet will expand almost 13% next year and the International Energy
A Coast Guard helicopter crew rescued a 21-year-old crewman suffering from severe abdominal pain aboard a supertanker 120 miles south of New Orleans this morning. The Coast Guard was notified at 8:45 a.m. by the tanker Sulphur Enterprise that a crewman was experiencing severe abdominal pain. A helicopter from Air Station New Orleans was dispatched to the scene where the crew lowered a rescue swimmer and basket to the tanker
According to a report from the Christian Science Monitor, Japanese oil tanker M. Star was subject last month to a terrorist attack, UAE inspectors said on Friday, August 6, raising fears of a new campaign targeting global oil interests. The M. Star, a 1,082-ft supertanker, was shaken by what appeared to be an explosion shortly after midnight on July 28 as it passed through the Strait of Hormuz, a narrow channel of water separating Iran and Oman
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, more than reversing their advance since the end of June, says Bloomberg, citing Clarkson Plc, although earnings had risen after oil cargoes to the U.S
Chinese oil trader Unipec has booked one of the world's largest ships to store crude off Singapore, trade sources said on Monday, hiring a 3.2 million barrel capacity supertanker to hold the oil at sea until prices recover. The TI Europe is one of just a handful of Ultra Large Crude Carries (ULCC), a category of vessel that is capable of carrying more than 3 percent of daily global world oil demand. International benchmark Brent crude prices fell below $100 a barrel on Monday for the
Owners waiting for charterers to release July cargoes next week. Rates for very large crude carriers (VLCCs) on key Asian routes are set to soften early next week before rebounding on the first wave of supertanker charters from the Middle East to Asia in July's fixture
An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on
Chinese exports tumble 8.3 pct, biggest fall in 4 months; Chinese crude oil imports up 4.1 pct in July. OPEC has no plans to hold emergency meeting. Crude oil futures touched multi-month lows on Monday after a weekend of mixed data from China showing higher oil imports in July but weaker trade
Low bunker prices buoy owners' spot charter earnings. Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand.
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
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
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.
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.
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
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
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
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
Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight
Euronav delivered its best operating profit in seven years, with a 182 percent improvement, and a USD 80.8 million net profit, thanks to the 15 VLCC supertankers the company acquired from Maersk. Core profit rose 180 percent in the first quarter to $131.3 million.
Panama’s cabinet council has approved a request by the Panama Canal Authority (ACP) to modify the canal toll structure and implement volume-based discounts for container ships. The new toll schedule will take effect April 1, 2016.