MidEast-Japan rates top $111,000 a day, highest since June 2010. Freight rates in Asian trades for very large crude carriers (VLCCs) are likely to remain firm as vessel supply and charter volumes stay evenly matched, ship brokers said on Friday. They have seen daily earnings soar by between $37,500-$42,000 in the last week. That came as earnings from the Middle East to Japan hit more than 91 on the Worldscale measure on Thursday, equivalent to $111,359 a day, the highest level since June 23, 2010. The surge was fuelled by unloading delays in China and South Korea caused by a shortage of storage tank space and other port infrastructure issues and bad weather that could disrupt vessels' future charter fixtures, two European VLCC ship brokers said on Friday. "Charterers had an absolute fear of not getting the right ship for the right cargo. That turbocharged activity - charterers came barging into the market with cargoes," said one of the European brokers on Friday. That is the third time this year VLCC freight rates from the Middle East to Asia have hit a five year high, Reuters freight data showed. VLCC rates from West Africa to China also climbed, hitting the highest level since Oct. 15 on Thursday. "No doubt owners are going to overplay their hand, looking for rates in three figures. But when the market gets silly charterers do alternatives," the first European broker said.
Charterers to release 30 Middle East VLCC cargoes next week. VLCC market buoyed by upbeat Suezmax, Aframax sectors. Rates for very large crude carriers (VLCCs) on key Asian routes are set to continue the rebound that started on Wednesday with a raft of new cargo requirements and upbeat sentiment, brokers said. Brokers anticipated charterers would ramp up the number of VLCC cargoes from the Middle East to be loaded in the first 10 days of December.
China Merchants Energy Shipping has posted 22.6% on-year growth in net profit to Yuan225m ($36.3m) during the first quarter ended 31 March 2015 due to buoyant tanker markets. Revenue for the quarter more than doubled to RMB1.36bn from YuanB660.44m a year ago. “In the first quarter of 2015, freight rates for the VLCC market were on average higher compared to the first quarter of 2014. The dry bulk shipping market hit bottom in January this year
Mitsui O.S.K. Lines, Ltd. (MOL) plan to install a ballast water treatment system on an in-service very large crude oil carrier (VLCC). This will be the first such onboard system installed by any Japanese shipowner on an existing VLCC. The company chose the JFE Ballast Ace system developed by JFE Engineering Corporation. The installation will take place while the vessel is docked from March through April. Ballast water discharged while loading/discharging cargo carries marine organisms
According to a January 3 report from Gulf News, Gulf Navigation Holding confirmed its acquisition of a very large crude carrier (VLCC). The vessel, built in 2006 and with a 300,000 deadweight tonne capacity, can carry up to two million barrels of oil.The Gulf Eyadah will join the operator's other VLCC, Gulf Sheba, which was delivered in late 2007. (Source: Gulf News)
Taiwan's state-owned Chinese Petroleum Corp (CPC) has bought two very large crude carriers (VLCC) of West African crudes via its September tender, a company official said on Thursday. The volumes were below CPC's usual purchase of three to four VLCCs per month. Each VLCC can load up to two million barrels each. "We have high inventories and not so much requirement," the CPC official said. The details of the tender, which closed on Monday, were still unclear.
Tsakos Energy Navigation Limited (TEN) recently acquired the 299,700 dwt double hull VLCC M/T Maersk Estelle, built in Denmark in 1994, from the AP Moller / Maersk Group. Initially, this vessel will participate in the current strong spot market while the Company considers opportunities for longer-term employment. TEN will assume ownership of the vessel during the later part of January 2004. "We are very excited about this latest addition to our fleet of young and environmentally friendly
Eastbound VLCC freight that nearly topped W200 in November is now firmly mired beneath W100. "The market's really lost its way, but much of that is just down to sentiment," said one London tanker broker. Wednesday's fixture lists showed a number of deals hovering around the W100 mark, and even the very modern New Circassia accepted W101 from Stasco for an eastbound trip. Friday's fixture list however, showed the slightly older Musashi Spirit had been fixed at W90 to Japan
Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company'). The aims of the Company will be: *to create a larger fleet with more flexibility and more options for cargo owners and a single point of contact to access these benefits; *to reduce voyage related expenses and thereby improve the net earnings (TCE) of the Very Large Crude Carriers (VLCCs) operated by both owning
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. There are enough ships - there is no real shortage of tonnage," a Singapore-based supertanker broker said on Friday. Around 32 VLCC cargoes have been fixed for loading in the Middle East in the first 10 days of
The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market, but just how good are these “good times” in a historical context? Clarksons Research Analysis.
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
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the ECO VLCC the Gener8 Nautilus on April 20, 2016 from Hyundai Samho Heavy Industries Co., Ltd. The Gener8 Nautilus represents the ninth of 21 ECO VLCCs
Europe is expected to receive its largest-ever diesel cargo after French refiner Total booked a super tanker to sail to the region even as it faces brimming storage tanks and wilting demand. Total has chartered the newly-built very large crude carrier (VLCC) tanker Alice to ship 270
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
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
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
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.
In the Very Large Crude Carriers (VLCC) segment, which showed modest growth in overall volume from 2014 to 2015, the main changes were concentrated in the eastern hemisphere, says a report by Tanker Research & Consulting department at Poten & Partners.
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
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
By combining well-proven MacGregor Pusnes technology in bow loading and offloading systems, MacGregor, part of Cargotec, has helped to develop a solution that enables crude oil to be loaded directly from a floating production storage offloading (FPSO) facility or a floating storage offloading
2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO. The six new VLCCs were delivered in a strong winter market
When it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, 2016 is off to a flying start. Six new VLCCs were delivered in a strong winter market. Having reduced slightly, since the turn of the year
McQuilling Services has announced the release of the 2016-2020 Tanker Market Outlook. This report is a five-year outlook for eight vessel classes across 18 benchmark trades and represents the company’s 19th forecasting cycle