Chem Tankers Prepare To Carry Gasoline

Monday, September 12, 2005
Stolt-Nielsen and Odfjell, the two biggest chemical tanker operators, are among shipowners switching more of their vessels to carry gasoline to the U.S. to meet surging demand as the International Energy Agency releases fuel from its stockpiles.

The conversions will avert a shortage of tankers to carry additional oil supplied by the agency, Jenkins said. The agency's 26 member nations plan to release 1.97 million barrels of oil a day for a 30-day period, of which 19 percent will be gasoline, the agency said.

A jump in demand for tankers has pushed freight rates to near records after Hurricane Katrina disrupted production in the Gulf of Mexico, prompting oil companies and traders to move fuel across the Atlantic to profit from differences in prices between the regions.

Crude oil makes up 65 percent of the agency's stockpile release, distillates such as gas oil make up 14 percent, and fuel oil makes up 2 percent, the agency said.

(Source: Bloomberg)

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1066 sec (9 req/sec)