Crude-Tanker Cargo Rises 32 Percent on Saudi Exports: Report

Wednesday, March 21, 2012

The supply of crude oil cargoes for the largest tankers rose 32 percent so far this year, as Saudi Arabia boosted exports to compensate for the possibility of fewer Iranian cargoes, Arctic Securities ASA said.

Very large crude carriers hauled 97 million metric tons of oil in the first 11 weeks of the year, up from 73.7 million tons during the same period of 2011, Oslo-based analyst Erik Nikolai Stavseth said by phone. Shipments strengthened as Saudi Arabia boosted production before an embargo on Iranian oil takes effect in July, he said.

The U.S., the world’s largest oil consumer, imported an average of 1.5 million barrels a day from Saudi Arabia this year, on course for the highest quarterly average since September, 2008, according to preliminary data from the Energy Department. China Petroleum & Chemical Corp., also known as Sinopec, booked 14 VLCCs to load cargoes in the Persian Gulf last week, according to investment bank Dahlman Rose & Co.

The number of crude cargoes hauled to Asia on VLCCs from the Middle East jumped 34 percent from the prior year, to 229 in the period, Stavseth said. Shipments of West African oil to Asia rose by the same amount, and deliveries to the region from the U.S. increased 19 percent, to 37, he said.

Rates for the vessels on the benchmark Saudi Arabia-to- Japan route advanced 32 percent, to 65.66 industry standard Worldscale points, since the start of this year, according to the Baltic Exchange in London. (Bloomberg)


 

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

Tanker Trends

Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas

Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Energy

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas

Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the

News

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

China Evacuates Workers in Libya to Malta

China has evacuated several hundred workers from Libya and is taking them by ship to Malta, the head of the Malta Civil Service, Mario Cutajar, said on Wednesday.

US Blacklists North Korean Shipping Firms

The United States on Wednesday blacklisted two North Korean shipping firms, Chongchongang Shipping and Ocean Maritime Management, following a similar move by the United Nations.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics 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: 0.1518 sec (7 req/sec)