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

Energy

BG Group's Australian Project Helping to Double LNG Supplies

A smooth start to operations at BG Group's Australian project in Queensland is expected to help the British company to roughly double its liquefied natural gas (LNG) supplies in 2015/16,

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Ghana-Ivory Coast Maritime Dispute Mar Tullow

A dispute over maritime boundaries between Ghana and Ivory Coast is damaging Tullow Oil, which risks postponement of its TEN project in the waters off Ghana's coastline.

News

NORDEN Publishes CSR Report

Dampskibsselskabet NORDEN A/S has published its Corporate Social Responsibility (CSR) report 2014. Entitled, “On track”, the CSR report presents an overview of NORDEN’s CSR strategy,

Fire Aboard US Navy Ship

A fire broke out aboard a U.S. Navy amphibious dock landing ship USS Gunston Hall (LSD 44) at approximately 2 p.m. yesterday while the ship was undergoing maintenance

Wheelabrator Opens Ontario Location

Surface preparation company Wheelabrator Group (Canada) Ltd. celebrated its grand opening with a ribbon cutting ceremony and luncheon after moving to a new location and office complex in Burlington,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1918 sec (5 req/sec)