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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.

Shell: Nigeria Oil Union Strike Not Affecting Exports

A strike by Nigeria's oil unions is not having any immediate impact on crude oil exports from Africa's top exporter, despite moving into a third day, spokesmen

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.0998 sec (10 req/sec)