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Supertankers

Oil-Tanker Cancellations

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)


MSCO Completes Modernization of Natali Supertanker

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


Administration Calls for Prompt Creation of Department of Homeland Security

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


Single-Hull Tanker Traffic to Saudi Ports Dwindles

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)


Supertankers’ Longest Stretch of Unprofitability

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


Asia Tankers-VLCC Rates Fall on Reduced Demand

MidEast VLCC rates fall nearly 30 Worldscale points this week; port congestion in Basra, China adding to market uncertainty. Freight rates for very large crude carriers (VLCCs) may drift lower next week on weaker sentiment among owners and reduced chartering demand ahead of the release of May's Middle East loading programme, brokers said on Friday. Rates plunged this week from a two-week high hit on April 1 on slower chartering activity that is expected to extend into next week.


Canadian Coastguard Ousts Supertanker From Its Waters

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


UAE Says Japanese Oil Tanker Attacked by Terrorists

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


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, 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


Another Hurdle for Iran Oil Tankers Comeback

Sourena is a FSU for Iranian crude export located in the Persian Gulf, south of Iran. Photo by National Iranian Oil Company

 Iran's oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients, despite easing of sanctions, reports Reuters.   The top tanker firm NITC  was readying its return to international markets and was in talks with Western insurers while also looking to expand its fleet, says Iranian media.  


Piracy: Indonesia Could be the New Somalia

Image: Indonesian Navy

 Commercial ships have been told to avoid shipping routes around Indonesia and Philippines amid fears that piracy could be reaching Somalian levels, according to Reuters.    Luhut Pandjaitan, Chief Security Minister for Indonesia


Asia Tankers-VLCC Rates Face Pressure

Number of MidEast charter fixtures less than usual; Basra crude exports set to fall in May. Freight rates for very large crude carriers (VLCCs) will come under further pressure next week if the current sluggish chartering activity continues, ship brokers said on Friday.


Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

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

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo, could slip further next week as more tonnage becomes available with the easing of recent tanker


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.


Iran, S. Korea Pact for Shipbuilding

Image: ISOICO

 Iran has finalised a deal with South Korea to launch a joint shipbuilding venture between the two countries, IRNA reported.   The venture will be established between Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) and Hyundai.  


Trafigura Expects Tougher Shipping Markets in 2016

Commodities trading firm Trafigura expects tougher conditions in tanker markets next year as weaker world economy prospects and a slide in oil prices are set to take their toll on shipping. Bargain hunters picking up cheap crude after the price drop and refineries


Asia VLCC Rates Hold Steady after Near 4-week High

Image: Dalian

Freight rates in Asian trades for very large crude carriers (VLCCs) are set to hold steady around current levels next week, after hitting a near four-week high on Thursday, as tanker supply matches cargo demand.   "I can't see the market crashing, or spiking


Asia Tankers-VLCC Rates Slide

File Image: a large crude carrier transits the Suez Canal (credit: Suez Canal)

VLCC rates fall $10,000 in a week on dearth of cargo; demand fundamentals still appear favourable - Teekay CEO. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to slide further next week as charterers drip feed fixtures to dampen freight rates


Asia Tankers-VLCC Rates Rising on Weather, Volume

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

MidEast VLCC rates jump by almost $13,000 a day; Basra cargos could increase daily rates by $9,000. Freight rates on Asian routes for very large crude carriers (VLCCs) are set to climb higher next week as unloading delays and weather-related port congestion in China tighten vessel supply on


Asia Tankers-VLCC Rate Direction Uncertain

File Image: A VLCC transits the Suez Canal (credit: Suez Canal)

MidEast VLCC rates rise by more than $24,000 per day; China and Saudi Arabia fuel chartering surge. Freight rates for very large crude carriers (VLCCs), which hit a two-week high on Thursday, face an uncertain direction next week, brokers said.


Huge Tanker Traffic Jam Builds at Basra

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

Nearly 30 large oil tankers waiting to load at Basra; daily VLCC tanker rates have doubled to nearly $75,000. A traffic jam of nearly 30 large oil tankers has built up outside the Iraqi port of Basra due to loading delays, with some waiting up to three weeks and costing ship operators around $75


China Teapot Refiners Create Qingdao Tanker Jam

Tankers at Qingdao port face up to 30-day wait. At least 15 large tankers wait to offload -shiptracking data. A surge in oil buying by China's newest crude importers has created delays of up to a month for vessels to offload cargoes at Qingdao port


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.  


Indonesia: Local Piracy could lead to 'new Somalia'

Indonesia, Malaysia, Philippines ministers to meet in Jakarta as up to 18 Indonesians, Malaysians held captive in Philippines. Indonesia fears piracy on a busy shipping route along its maritime border with the Philippines could hit levels seen in Somalia unless security is tightened


Ships Instructed to Avoid Piracy-prone Waters around S. Philippines

The Indonesian Navy has instructed all commercial vessels to avoid piracy-prone waters around the southern Philippines, a spokesman for the Indonesian military said on Thursday, following a spate of kidnappings and piracy in recent weeks.  






 
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