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Al Bakr News

07 May 2004

Revised Maritime Terminal Protection Procedures

A U.S. Marine stands security watch on the deck of the Al Basrah Oil Terminal (ABOT). U.S. Marines from the 1st Fleet Anti-Terrorism Security Team (FAST) Battalion, of Norfolk, Va., are providing extra security along with the Iraqi security teams after an attempted suicide attack on Iraqi oil terminals on April 25th. U.S. Navy photo by Photographer's Mate 1st Class Alan D. Monyelle. Commander, U.S. Naval Forces Command/Commander, U.S. 5th Fleet is taking further steps to increase…

10 Aug 2000

Large Tanker Rates Soar

Large tanker rates are soaring for Middle Eastern oil as charterers rush to grab ships for September cargoes before they run out, brokers said late last week. Rates lifted another 10 points with W140 quoted by Thursday afternoon for a modern VLCC to South Korea ($13.50 per ton), while U.S Gulf levels were said to be around W110-115 ($19.00 per ton). Four or five older vessels were also on subjects for one charterer to sail west out of Mina al Bakr at around W100 ($17.25 per ton), but brokers said half might fail if there was only a couple of stems to be covered. "Far Eastern charterers have come in a week earlier than expected and western charterers are also very active," a broker said.

13 Dec 2000

Cold Weather Sparks Higher Oil Prices

Oil prices rose on Wednesday after fresh industry data showed cold weather had eaten into heating oil inventories in the United States. The stocks figures rekindled concerns of inadequate winter heating fuel stocks as a bitter Arctic weather front wreaked havoc in the U.S. Midwest and began sweeping northeastwards. Prices showed little reaction to signs that Iraq was returning to the world crude market and had started loading an Indian-chartered tanker at the port of Mina al-Bakr on the Gulf. London's Brent crude futures firmed 34 cents to $27.40 a barrel while U.S. light crude stood 10 cents higher at $29.78 a barrel. Iraqi and Indian officials said a vessel chartered by Indian Oil Corp began taking Iraqi crude on board early on Wednesday.

12 Dec 2000

Iraq Oil Lifting Remains on Hold

Iraqi oil lifting remained on hold as Baghdad continued to insist on a surcharge for crude sales under the UN's oil-for-food program, industry sources said. A tanker chartered to the Indian Oil Corp (IOC) remained berthed at Iraq's Mina al-Bakr port on the Gulf but that no oil was being pumped aboard. An industry official in India said that IOC had been asked to pay a surcharge outside the terms of the UN exchange in order to secure its cargo but had refused. Iraq suspended 2.3 million barrels daily of oil sales on December 1. Another seven vessels were anchored outside the port. There were no vessels at Iraq's other authorized outlet Ceyhan, in Turkey.

11 Dec 2000

UN Keeps Vigil Eye On Iraqi Surcharge

There is no chance of the United Nations turning a blind eye to any oil companies that pay a surcharge that Iraq is continuing to demand for its oil exports, United Nations diplomats said. "No way are we going to be turning a blind eye to this," one diplomat said when asked if the United Nations could overlook such payments."Industry sources said that Iraq is insisting that customers for its crude under the United Nations oil-for-food program pay a 40 cents per barrel surcharge direct to an Iraqi account before liftings resume. Under U.N. rules all revenues from oil-for-food go direct to a U.N. escrow account. Iraq's oil exports have been stopped for ten days on disputes over payments.

09 Jan 2001

Iraqi Oil Exports Drop For Week

Iraqi oil exports plunged to 257,000 bpd as a single tanker was loaded in the week to Jan. 5, a U.N. spokesman said on Monday. The Astro Beta loaded 1.8 million barrels of Basrah Light crude from Mina al-Bakr, Iraq during the week. It was the only tanker to load Iraqi crude in the week, U.N. officials said. Iraqi crude exports have been sparse since Dec. 1 when Baghdad and the United Nations began a protracted row over oil pricing. In November, Iraqi oil exports were near 2.2 million bpd. Since the ninth six-month phase of the U.N.-administered oil-for-food program began Dec. 6, Iraq has exported 17.7 million barrels of crude, U.N. figures show.

25 Jan 2001

Crude Flows Again At Ceyhan

Iraqi crude oil exports were flowing again at the Turkish port of Ceyhan, where the second vessel this year was finishing lifting and three new cargoes were expected to turn up soon, industry sources said. The sources said the Marina M, which recently replaced the earlier chartered Seadancer, has just about finished lifting one million barrels of Kirkuk crude and the two million barrel Amazon Falcon is already berthed and waiting. Three new vessels are also expected before month's end, with the one-million-barrel Crudesky due to arrive on January 27, and two very large crude carriers (VLCCs) -- the Orient Tiger and the Front Champion -- seen on the 28th and 29th, the sources said.

30 Jan 2001

No Tankers At Ceyhan

Iraqi oil exports from the Mediterranean port of Ceyhan, Turkey, remained off line on Tuesday as three vessels slated to arrive at the weekend were still unseen, industry sources said. Three tankers had been nominated by Iraq's State Oil Marketing Organisation (SOMO) for arrival Saturday, Sunday and Monday, but the port has been idle since the two-million-barrel Amazon Falcon sailed on Saturday, the sources said. Some sources said the Orient Tiger and Front Champion -- both very large crude carriers (VLCCs) -- could potentially arrive the next day or two, but others noted that no formal estimated time of arrival (ETA) had been supplied. The Crudesky, a SuezMax, was expected later as it sailed from Novorossiisk only on January 22.

08 Feb 2001

Tankers Expected In Iraq

Iraqi crude oil exports from two U.N.-approved loading ports remained on hold on Thursday but could resume later in the day with the expected arrival of two vessels, shipping sources said. "If they arrive, then loadings might start today," said one. Majestic Unity, which was due to take on two milllion barrels of Basrah Light, was due to arrive shortly at the Gulf port of Mina al-Bakr after a one-day delay, the sources said. No loadings have taken place at Mina al-Bakr since a tanker set sail on Saturday. Amazon Eagle, which was also due to load two million barrels of Iraqi sour Kirkuk, was expected on Thursday at the Turkish Mediterranean port of Ceyhan. Eclipse was due to arrive on Friday to take on one million barrels of crude.

27 Apr 2001

VLCC Rates Sag On Asia Route

A huge oversupply of VLCCs for trades from the Mideast Gulf to Asia has led to the most serious market decline in over two years, pushing rates to 13-month lows, brokers said. "The amount of ships compared to cargoes is phenomenal," said a Singapore broker. He said rates lost 10 worldscale points ($0.17 per barrel) on Thursday, to reach W58 ($0.98 per barrel) for 250,000 ton cargoes to Japan, and that tanker owners had simply stopped negotiating in their rush to find cargoes. "I think it'll go down further. We'll see at least W50 before it goes back up," he added. Brokers pointed to a fixture to Taiwan's China Petroleum Co (CPC) for a 250,000 ton cargo, as the source of tanker owners' trouble. "The owner took the first counter (bid) from CPC. There was no negotiation at all," said one.

10 Dec 1999

Suezmax Rates Set To Soar

Surging Suezmax tanker rates are set to soar if Iraqi exports come back on stream next week, shipping brokers said on Wednesday. Rates for the one million barrel tankers have lifted to around 100 Worldscale points on fixtures from West Africa and the North Sea to the U.S., and on cross Mediterranean and North Sea routes, brokers said. "Suezmax rates are going to sky rocket if Iraqi exports come back next week," one broker said. U.S. and British envoys to the U.N. said that the Security Council would vote on a straight-forward six month renewal of the humanitarian Iraq "oil-for-food" program last Friday. Iraq has previously said it would accept a renewal of the scheme on previous terms after rejecting two week and one week extensions.

10 Aug 2001

Tanker Blood-bath Continues

Friday's dirty tanker fixture lists revealed the full extent of this week's blood-bath on VLCC trades from the Mideast Gulf. Rates collapsed by 15 percent overnight on Wednesday as shipowners scrambled to book voyages out of the Gulf before September 1 when OPEC cuts are expected to hit tanker demand, brokers said. Exxon mobil fixed the Starlight Jewel for a 275,000 ton cargo to Singapore loading July 24 at W43.5 (about $0.42 per barrel), brokers said, compared to estimates of the route at W50 on Wednesday afternoon. Friday fixture lists showed a further two bargain-basement fixtures: Taurus booked the Napa for a 270,000 ton westbound September cargo from Al Bakr at W40.5 ($1.15 per barrel).

20 Sep 1999

VLCC Rates Ease Slightly, But Busier Time Could Be Ahead

Large tanker rates slid back slightly off recent highs this week as Middle East September stems drifted to their conclusion, brokers said. VLCC rates for Japan, which peaked at W52.5 at the end of last week, slid back to around W50 while western rates fell back to about W47.5 from a peak of W50. Late week VLCC fixtures included two Bayoil charters for Bergesen vessels to the U.S. Gulf from Al Bakr at a soft W47-47.5 for well ahead October 10 and 20 sailings. Some brokers said expected October stems next week would mean a busier time with rates picking up, but Galbraiths noted that the Bayoil and two Chevron October charters at the same rates and similar October dates showed market weakness.

16 Nov 1999

First Tanker Fixed For Next Phase Of Oil For Food Deal

The first tanker to carry Iraqi oil exports under the next phase of the U.N. "oil for food" deal has been chartered subject to the program being extended, according to shipping brokers. The Panamanian-registered VLCC Kristhild has been fixed to Russian trader Ursa to sail from the Gulf port of Mina al-Bakr to the U.S. Gulf, provided the United Nations and Iraq reach an accord to continue exports beyond Nov. 20. The 258,075-dwt ship has been fixed at Worldscale 40 assessed rate equivalent to around $6.55 per ton.

29 Nov 1999

Suezmax Market To Be Hit Hardest By Iraqi Export Suspension

Depressed tanker markets will be hit hard by Iraq's decision to suspend crude oil exports for up to two weeks, tanker brokers said. Suezmax tanker rates in the Mediterranean are expected to be worst affected due to the cessation of Iraqi crude loadings at Ceyhan, and any hoped-for recovery for Middle Eastern VLCCs will be delayed. "It will particularly hit Suezmaxes in the Mediterranean because Russian exports have also been cut back," one broker said. Iraq has been exporting nearly a million barrels of Kirkuk oil a day - equivalent to one Suezmax vessel - from the Turkish port of Ceyhan. "There will certainly be no sign of any recovery for VLCC rates," another broker said.

06 Dec 1999

Taiwan Tanker Spill Minimal, Says Operator

The Greek operator of the Panamanian-registered oil tanker Devon confirmed that the ship had leaked oil off the southern Taiwanese port of Kaohsiung, but said only a small amount was spilled. Earlier port officials had said a one km long spill had been left in the Taiwan Strait after the ship was found to be leaking oil when it approached a dock. "The spillage was minimal - no more than two barrels at most," a spokesman for Piraeus-based ship operator European Navigation Inc. said. The 269,895 dwt vessel was anchored in port, and an investigation was being held into where the leak had originated, he said. An improperly closed valve was suspected as a possible source.

17 Dec 1999

North Sea Rates Surge On Holiday Vessel Shortage

North Sea oil tanker rates surged spectacularly again on Dec. 13 on a shortage of vessels available before Christmas, shipping brokers said. Aframax 80,000 ton vessel rates shot up a further 25 Worldscale points to W150 ($5.50 per ton) from a highest seen of W125 ($4.25) on Friday, they said. "The North Sea has gone bananas. It is very tight on tonnage for modern ships up until loading dates of around December 27," a broker said. However, he said the second half of the week could go flat again as charterers completed fixing their December cargoes. Rates were also firming in the Mediterranean as pressure was exerted from the North Sea with cross journey rates of W105-110 ($3.60-3.75) the norm, brokers said.

17 Dec 1999

VLCCs Wait For Iraqi Oil, Suezmaxes Poised For Flurry

The expected return of Iraqi oil dominated the 250,000 ton tanker market in the Middle East toward the end of the week, shipping brokers said on Dec. 10. But rates were unlikely to move drastically as there were plenty of VLCCs waiting in the Middle East to find cargoes, they said. However, Mediterranean million barrel Suezmax tankers were likely to be in strong demand once it was known when Iraqi exports could restart from the Turkish port of Ceyhan. The U.N. was expected to vote on a resolution renewing Iraq's "oil-for-food" program on Dec. 10. Four more VLCCs were fixed subject to the resumption of Iraqi exports to load at Mina al Bakr for dates from December 15-25, brokers said.