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Asia Tankers-VLCC Rates Will See More Volatility

file image: A Suez Max Tanker in the Suez Canal.

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. That followed a surge in chartering activity with around 50 eastbound cargoes fixed from the Middle East and West Africa by operators and traders, including the National Shipping Company of Saudi Arabia (Bahri), and Morgan Stanley, Reuters chartering data showed. Unipec, the trading and shipping arm of China Petroleum & Chemical Corporation (Sinopec), fixed 20 of these cargoes from the Middle East and West Africa to Asia, mainly China. Many of the early fixtures were older vessels or supertankers chartered straight from dry dock at cheaper rates by owners because otherwise the ships would have to wait for cargo, the broker said. Rates climbed as this supply of prompt tonnage disappeared, although the market may face a similar situation in the next week or so.


Asia Tankers-VLCC Rates to Hold Steady

File Image: A typical VLCC underway (CREDIT AdobeStock)

Unipec charters 20 VLCCs for West Africa, MidEast cargoes; China's oil demand to climb 3.4 pct this year - CNPC.   Freight rates for very large crude carriers (VLCCs) are expected to remain stable next week as buoyant chartering activity from the Middle East is offset by the large number of supertankers available for charter, ship brokers said.   "We're going to see rates holding at current levels," a European supertanker broker said on Friday.  


Supertanker Rates May Jump Next Week

According to a report from Bloomberg, the chartering manager of Dynacom Tankers Management Ltd., an Athens-based operator of supertankers, told Bloomberg that vessel supply is balanced and rates are expected to go from 70 to 75 Worldscale points by next week. (Source: Bloomberg)


Korean Shipbuilder to Pay US$3.5-million Compensation

A Texas appeals court affirms US$3.5-million judgement against Daewoo Shipbuilding & Marine Engineering Co. The court upheld a jury’s finding that the Korean company wrongfully refused to pay consultants who helped secure a $696 million contract to build supertankers. The Fourteenth Court of Appeals held that the jury’s interpretation of an ambiguous agreement between Daewoo — the world's second largest shipbuilder — and Ikanco Inc


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

File Image: A EuroNav VLCC (credit: EuroNav)

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


Asia Tankers-VLCC Rates Expected to Soften

File image (Suez Canal Authority)

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs) will continue to soften next week as ample tonnage supply weighs on the market, although a raft of Middle East fixtures are expected to put a floor under charter rates, ship brokers said on Friday. That came as VLCC rates from the Middle East rose to a two-week high on June 28 before slipping slightly


Tighter Supertanker Market Impacts Asian Fuel Supplies

The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs, shipping and trade sources said. Crude prices have fallen nearly 60 percent since June and, with prices a year ahead already quoted about $10 a barrel dearer than now, crude traders have hired up to 20 supertankers to store oil with a view to turning a big profit later.


N. Asia Snaps up Russian Crude Oil

Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs, traders said on Thursday. The freight rate for chartering Very Large Crude Carriers (VLCC) plying the key Middle East to Japan route <DFRT-ME-JAP> and the West Africa to China route are at the highest in


Supertanker Freight Rates Back on Track

Freight rates for supertankers to Asia, which last week suffered their most serious decline in over two years, have now stabilised and look set to recover, tanker brokers said on Wednesday. One London broker referred to a VLCC fixture, the Lyria, on Monday to South Korea at W47.5 ($0.80 per barrel) as an exception to the market and the lowest point that it would go. "That fixture of the Lyria we can say marks the bottom of the market and we'll see a gradual recovery from here," he said


LNG-FSRU Vessel: BW Place Samsung Contract

A BW VLCC: Photo credit BW Maritime

BW Maritime inks contract with Samsung Heavy Industries for BW’s first Liquefied Natural Gas Floating Storage Regasification Unit (LNG-FSRU). Expected to be delivered in 2015, it will be the latest addition to BW's fleet of 16 LNG carriers, building on and increasing its existing LNG expertise.  This vessel and floating terminal will be able to receive and convert LNG into its gaseous form for offloading via pipelines, to gas facilities on-shore.


Ecochlor Named a Top Growing Manufacturing Company

(Image: Ecochlor)

Ballast water treatment system (BWTS) manufacturer Ecochlor said it has been recognized by Inc. 500|5000 as one of the fastest-growing manufacturing companies in the U.S.   The Inc. 500 award, representing the top 10 percent of the 5,000 companies chosen


More Cargo, Slower Steaming Support VLCC Rates

File Image (CREDIT: AdobeStock / (c) Carabay)

VLCC rates from MidEast to Asia gain around $3,000; higher chartering volumes for peak winter season could lift rates.   Freight rates for very large crude carriers (VLCCs) on Asian routes may have found a floor this week as a combination of increased chartering activity and some tankers


In Sign of Oil Rebalancing, North Sea Floating Storage Shrinks

The volume of global price benchmark North Sea crude being held in floating storage has declined sharply since mid-August, according to shipping data and trade sources, a sign that a long-awaited market rebalancing is gaining momentum. Two supertankers being used to store North Sea crudes


VLCC, Product Tanker Rates Headed in Opposite Directions

File Image (CREDIT: AdobeStock / (c) Carabay)

No impact on VLCC rates yet from Hurricane Harvey, even as rates for smaller product tankers double.   Freight rates for very large crude carriers (VLCCs) on Asian routes continue to sink on a glut of available tonnage as owners wait for supply disruptions caused by Hurricane Harvey to help


Asia VLCC Rates Fall to Four-year Low

© Jose Gill / Adobe Stock

Freight rates for very large crude carriers (VLCCs) on Asian routes show little sign of reviving although Hurricane Harvey, which threatens to ravage the U.S. Gulf coast oil refining industry over the weekend, could provide a fillip, brokers said.  


Russia Sends LNG Through Northern Sea Route

Ice-breaking LNG carrier Christophe de Margerie. Photo: PAO Sovcomflot

 Russia was now pitching itself as an important transporter of European gas to Asia, reports  Sputnik quoting Danila Bochkarev, a senior fellow at the EastWest Institute in Brussels.   The Russian supertanker Christophe de Margerie is en route to South Korea


Overtonnage Weighs on VLCC Rates

© Jose Gil / Adobe Stock

Freight rates for very large crude carriers (VLCCs) on Asian routes from the Middle East could fall to a new low for the year next week as too many ships chase the number of available cargoes, ship brokers said on Friday.   That came as average rates from the Middle East to Asia have fallen


Modern VLCC Rates Under Pressure

File Image (CREDIT: AdobeStock / (c) Carabay)

Rates fall back after climbing earlier in the week. Overcapacity, OPEC cuts, little scrapping, summer lull weigh on market.   Owners of modern very large crude carriers (VLCCs) could see a gain in charter rates amid tightening vessel supply but freight rates


VLCC Outlook Brightens Slightly

file Image: CREDIT EuroNav

Rate correction likely after low S-Oil charter drags market.   Freight rates for very large crude carriers (VLCCs) could see a small respite next week, building on the slight improvement seen in the last two days although sentiment is likely to remain pessimistic of any real recovery


PetroChina Unloads First US SPR Cargo

File Image (CREDIT: AdobeStock / (c) Carabay)

PetroChina is this week unloading the first Chinese purchase of crude oil from U.S. strategic petroleum reserves at a port in eastern China, according to shipping data and two industry sources.   The move comes as China, the world's No


Firmer MidEast, WAfrica Sentiment Supports VLCC Rates

File Image (CREDIT: AdobeStock / (c) Carabay)

Middle East rates helped by fewer old vessels; about 96 MidEast cargoes fixed, 25 to come.   Freight rates for very large crude carriers (VLCCs) could rise next week on firm sentiment in the Middle East and West Africa markets but higher oil prices and fewer floating storage opportunities


Asia Tankers-VLCC Rates Flat as Old and New Ships Compete

File Image (CREDIT: AdobeStock / (c) Carabay)

MidEast-Asia rates likely to remain flat until August; paper derivative trades show no uptick until October.   Freight rates for very large crude carriers (VLCCs) are likely to remain flat next week, a situation that could well last until August, brokers said on Friday.  


Frontline Expects VLCC Storage Play to Rise

File Image (CREDIT: AdobeStock / (c) Carabay)

Tanker firm Frontline, controlled by billionaire investor John Fredriksen, expects a growing number of supertankers to be used for storing crude in anticipation of higher oil prices, its chief executive told Reuters on Friday.   While none of Frontline's own vessels are currently used for


Asia Tankers-VLCC Rates Plateau, Could Edge Higher

File Image: CREDIT EuroNav

Floating storage, West Africa cargoes support rates; further storage charters may push rates to W60.   Freight rates for very large crude carriers (VLCCs), which were supported this week by a shift to using older vessels for floating oil storage


ABB Software Aids Supertankers Entering Port of Long Beach

Photo: ABB

Supertankers entering the Port of Long Beach will use ABB’s marine software to produce real-time data of the keel-to-seabed clearance, improving the safety and efficiency of the operations.   Sensors fitted to Tesoro vessels will send information to a Portable Surveyor Box (PSB)






 
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