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Tanker Broker News

02 Jan 2024

Golden Ocean Names Svensen CEO

(File photo: Golden Ocean Group)

Oslo-headquartered dry bulk shipping company Golden Ocean Group announced its board has appointed Lars-Christian Svensen as CEO, effective January 1, 2024.Svensen had been serving as interim CEO following the resignation of the company's previous CEO, Ulrik Andersen, in June 2023.Svensen joined Golden Ocean as chief commercial officer in December 2020 and was previously senior vice president in Norway and president of U.S. trading activities in Seattle for Western Bulk. Before that, he was a downstream analyst for Petredec and a tanker broker for Cmarine Services PTE Ltd. in Singapore.

06 Apr 2023

Western Restrictions on Russian Oil Reshuffle Global Shipping Patterns

©Happyphotons/AdobeStock

Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns.As a result of the European Union ban on Russian fuel that started on Feb. 5, tankers carrying clean oil products such as gasoline, diesel, jet fuel and naphtha are traveling between 16 and 18 days to bring Russian supplies to Brazil or U.S. cargoes to Europe…

26 Mar 2021

Race to Dislodge Suez Blockage as Shipping Rates Surge, Vessels Divert Away

© Cnes2021, Distribution Airbus DS

The Suez Canal stepped up efforts on Friday to free a giant container ship blocking the vital trade waterway that has sent shipping rates for oil product tankers soaring and disrupted the global supply chains for everything from grains to baby clothes.Shipping rates for oil product tankers have nearly doubled after the 400 meter long Ever Given, almost as long as the Empire State Building is high, ran aground in the canal on Tuesday.Efforts to free the vessel may take weeks and be complicated by unstable weather conditions…

24 Apr 2020

Supertanker Rates Ease After Spike. Could Jump Again Soon

For Illustration - Image by Fotos von Schiffen - AdobeStock

Supertanker freight rates eased this week as surging demand for floating storage cooled and crude oil output is set to fall, but rates could jump again as fewer tankers become available and as traders take advantage of weak oil prices, sources said.Tanker rates jumped earlier in the week after U.S. WTI crude futures for May turned negative ahead of their expiry for the first time ever on Monday as desperate traders paid to get rid of oil, prompting a spike in demand for tankers…

26 Jun 2018

Laino Named Chembulk CCO

Chembulk Tankers named Steve Laino its Chief Commercial Officer, based out of the Southport office and responsible for all facets of our commercial strategy worldwide, including chartering, projects and client relations. Laino comes to Chembulk with more than two decades of diverse experience in the maritime transportation industry, with experience in the chemical tanker sector. Laino has held roles in operations both at sea and ashore, in commercial capacities as a tanker broker, projects broker and shipowner. Most recently, Laino held the role of Chief Operating Officer of Chemical Transportation Group (CTG), which he founded together with two partners and a group of investors in 2014.

14 Jul 2017

Asia Tankers-VLCC Rates Under Pressure on Oversupply

Charterers set to split VLCC cargoes if owners push rates higher. Freight rates for very large crude carriers (VLCCs) are coming under pressure from a build up in ships waiting for new charters and depressed rates in smaller tanker sizes, brokers said on Friday. "At the slightest attempt by owners to push rates higher, charterers can split the cargo into Suezmax cargoes for the same rate," an European supertanker broker said on Friday. A VLCC can carry around 2 million barrels of oil while a Suezmax tanker can transport about 1 million barrels. "I am surprised VLCC owners have kept the rates up for so long. Last week I would have predicted rates to drop. There is no sign of an improvement," the broker added.

02 Jun 2017

VLCC Rates Steady Ahead of Possible Rebound

Five/six charterers are making storage inquiries; near-term pressure on tanker rates to continue - Frontline CEO. Freight rates for very large crude carriers (VLCCs) are set to hold around the current levels ahead of a possible bounce later this month on renewed crude buying from China, and more interest from charterers taking ships on short-term charter for floating storage, brokers said on Friday. That came as VLCC rates from the Middle East recovered slightly on Thursday from a near two-month low hit on Wednesday. "Rates are recovering to high 40s and touching 50s levels on the Worldscale measure," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore.

19 May 2017

VLCC Rates to Fall Further in Well-supplied Market

File photo: Maran Tankers Management

Freight rates for very large crude carriers (VLCCs) are set to slide further next week, falling below tanker break even costs on routes from the Middle East, as too many ships chase too few cargoes, brokers said on Friday. "In today's market Middle East charter rates are around $15,000 a day. Charter rates are still falling, still sliding. I'm not sure where the bottom is," a European supertanker broker said on Friday. Break even costs for a VLCC are around $22,000 a day, according to leading tanker owner Frontline.

31 Mar 2017

Asia Tankers-VLCC to Stabilise as Owners Stand Firm

40 MidEast VLCC cargoes fixed for early April loading. Freight rates for very large crude carriers (VLCCs), which have fallen to six-month lows, are likely to hold steady around current levels as owners resist charterers' attempts to push rates lower, brokers said. "Rates are stabilising now - owners are resisting further falls. But I don't see the market going up," a European tanker supertanker broker said on Friday. "There's been a consensus of sentiment rather than any real improvement in the market. There are still a lot of ships available for charter," the broker said. Charter rates from the Middle East to Asia are around $15,000-$20,000 per day, according to the route and specification of the ship, the broker said.

24 Mar 2017

VLCC Rates to Remain Weak on Output, Tonnage Woes

© Björn Wylezich / Adobe Stock

Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end. "I haven't seen a collapse in rates like this for some time. People are taking insane rates," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore. Output cuts by oil producers, refinery maintenance in Asia and the reactivation of older vessels previously used as…

17 Mar 2017

Asia Tankers-VLCC Weighed by Excess Tonnage

MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in the market, brokers said. Cuts in the output from Iraq and West Africa this month as part of an agreement between oil producers to curb crude production to bolster oil prices are also expected to weigh on the tanker market as the number of voyages are curtailed, brokers said. "Older, cheaper ships are workable out of the Middle East rather than West Africa, that's why we see slightly higher rates from West Africa," said Ashok Sharma, managing director of ship broker BRS Baxi in Singapore.

23 Dec 2016

Asia Tankers-VLCC Rates to Slide on Lower Cargo Volumes

34 VLCC MidEast cargoes fixed for early Jan -Reuters terminal; only nine fixed so far for mid-Jan. Freight rates for very large crude carriers (VLCCs), which hit a new nine-month high this week, are on course to soften amid a weaker cargo market as owners wait for more charters to be released from the Middle East and labour unrest affects loading programmes from West Africa. "I think a lot of owners have started to give up now. It's way too quiet - a lot of owners expected this week to be really busy but it has been dead quiet," a European supertanker broker said on Friday. "Owners are sitting on tonnage but there is no cargo," the broker added. Around 34 cargoes have been fixed for loading in the Middle East in the first 10 days in January, according to data on the Reuters Eikon terminal.

30 Sep 2016

Asia Tankers-VLCC Rates Soar on West Africa, MidEast Liftings

VLCC earnings double in a week. End of force majeure in Nigeria buoys cargo volumes. Freight rates for very large crude carriers (VLCCs) are set to rise further next week, fuelled by a raft of cargoes from West Africa and the Middle East amid tight tonnage supply, ship brokers said on Friday. VLCC freight rates hit a multi-month high on Thursday. "The optimism among owners is punchy - I think the market has legs on it and could easily increase by another 10 points (on the Worldscale measure)," a European supertanker broker said on Friday. That would be a rise of around $10,000 per day in earnings for a VLCC from the Middle East to Asia, freight rate data on the Reuters Eikon terminal showed. "Rates have come from $10,000 per day and owners have been able to whack it up to $20,000 day.

02 Sep 2016

Asia Tankers-VLCC Rates Steady, Owners Resist Further Cuts

Daily VLCC earnings fall to around $10,000; vessel deliveries, shorter voyages weigh on rates. Freight rates for very large crude carriers (VLCCs), which fell to multi-year lows on Thursday, are likely to hold steady around current levels as ship owners resist charterers' attempt to push rates lower in an over-tonnaged market, ship brokers said on Friday. Earnings for a VLCC charter from the Middle East to Asia have fallen to $9,000-$13,000 per day depending on destination, brokers said. That compared with break-even costs for a VLCC of $21,200 per day, according to Robert Hvide Macleod, chief executive of leading tanker owner Frontline Management. "I don't think there's too much downside left," a European supertanker broker said on Friday.

06 Apr 2016

Huge Tanker Traffic Jam Builds at Basra

Nearly 30 large oil tankers waiting to load at Basra; daily VLCC tanker rates have doubled to nearly $75,000. A traffic jam of nearly 30 large oil tankers has built up outside the Iraqi port of Basra due to loading delays, with some waiting up to three weeks and costing ship operators around $75,000 a day per vessel. Shippers and port sources said more delays are expected throughout April as the city's facilities struggle to cope with Iraq's soaring crude output. The problems at Basra, coupled with continuing storage tank shortages in China, have pushed supertanker rates from the Middle East to Asia to unseasonal highs as the delays disrupt future sailing schedules and charterers cover future tonnage requirements.

21 Jan 2016

Kuo Oil Looks to Lift Two Iranian Fuel Cargoes

U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its broader relaxation of sanctions against Iran for compliance with an agreement to curtail its controversial nuclear programme. The sanctions were handed down on Kuo in January 2012 for providing over $25 million in refined petroleum products to Iran between late 2010 and early 2011.

12 Nov 2015

Another Hurdle for Iran Oil Tankers Comeback

Iran's oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients, despite easing of sanctions, reports Reuters. The top tanker firm NITC  was readying its return to international markets and was in talks with Western insurers while also looking to expand its fleet, says Iranian media. It's unable to secure foreign insurance or international classification services as it remains blacklisted by the United States and European Union since 2012. Classification services certify ships have met safety and environmental standards necessary to get access to most ports.

04 Sep 2015

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply, could fall as more supertankers become available for charter in the last 10 days of this month, a Singapore-based VLCC ship broker said on Friday. Rates from the Middle East to Japan have climbed 17 points on the Worldscale measure after hitting a six-and-a-half year low on Aug. 26. That is equivalent in average earnings of almost $21,000 per day. Supertanker rates from West Africa to China have also recovered.

14 Aug 2015

Asia Tankers-VLCC Rates Dropping

Low bunker prices buoy owners' spot charter earnings. Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand. "I don't think we've seen the bottom yet even if rates may have stabilised," said a Singapore-based supertanker broker on Friday. "The tonnage list is still building," the broker added. Around 90 VLCCs are expected to be available for charter compared with just 40 Middle East cargoes that are expected to be fixed for loading between Aug. 21-Sept 10, according to a second Singapore-based VLCC broker. "The market is pretty horrible. West Africa is also coming off," the second broker said.

12 Jun 2015

Asia Tankers-VLCC Rates Softening

Owners waiting for charterers to release July cargoes next week. programme, brokers said. "Rates are rolling, skidding by half a point a day," said one Singapore VLCC broker on Friday. That came after a raft of charters which saw around 26 supertankers fixed this week to transport crude from the Middle East to Asia from the end of June. That compared with ship broker expectations of about 20-25 cargoes. There could be several more June cargoes still to come out over the next few days, although ship owners are waiting for July's fixture programme to be released in the latter part of next week, the Singapore broker said. "Nothing will happen until mid- to late next week," the Singapore broker said.

24 Apr 2015

Asia Tankers-VLCC Rates Soar

Middle East VLCC rates hit $69,500 a day; daily VLCC rates average $51,000, highest since 2008 (Clarkson). Rates for very large crude carriers (VLCCs) on a key Asian route jumped to a three-month top this week, but prices are likely to soften as charterers hold back cargoes amid a slight oversupply of tonnage, brokers said. VLCC freight rates from the Middle East to Asia hit their highest level since the end of January this week with average earnings of around $69,500 a day, they added. Average daily earnings for a VLCC so far this year are at around $51,000, which is the most since 2008, according to British shipping services firm Clarkson. "Owners have had it too good for too long and they are not going to let it go," a Singapore-based VLCC broker said.

19 May 2015

AXSMarine Upgrades Tanker Broker Software

AXSMarine has launched an upgrade to AXSTanker – commonly known as AXSTanker4.0, a software solution for competitive shipbrokers in the Crude, Clean, Gas, Chemical and Product tanker space. Within the AXSTanker community, brokers have the option to share vessel position updates with other members or keep them private for their own company’s use. Since its introduction in 2004, more than 100 shipbroking companies have signed up to AXSTanker. Over the next couple of months, AXSMarine will be rolling out the new AXSTanker 4.0 in phases, to more than 1,100 users across 30 cities around the world.

15 Dec 2014

Tanker Markets See Storage Boon from Oil Price Collapse

Photo: Teekay Corporation

The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83,000 a day - helped by a drop in shipping fuel bunker prices. Overcapacity, which has dogged owners for years, is also receding. Herbjorn Hansson, chairman and chief executive of Nordic American Tankers, told shareholders recently that lower oil prices "may trigger stockpiling or have a more general positive impact".