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Supertankers

Oil-Tanker Cancellations

According to an April 15 report from Bloomberg, Frontline Ltd. said that a plunge in supertanker rates to their lowest in at least 11 years will likely spur owners to scrap ships and cancel orders for new ones. Supertankers are making $4,335 a day after fuel costs for delivering Middle East crude to Asia and the U.S., according to data from the London-based Baltic Exchange. (Source: Bloomberg)


MSCO Completes Modernization of Natali Supertanker

Murmansk Shipping Company (MSCO) has completed modernizing the Natali supertanker, Interfax Russia reported. The China State Shipbuilding Corporation modernized the tanker over a six-month period. The tanker currently meets the requirements of the international convention to prevent marine pollution. Murmansk Sea Shipping operates the state nuclear icebreaker fleet under a trustee agreement for the management of state property


Administration Calls for Prompt Creation of Department of Homeland Security

Citing, among other things, the explosion on the French supertanker LIMBURG in waters of Yemen, the White House issued Remarks of Homeland Security Director Tom Ridge and other Administration officials calling on Congress to promptly enact legislation to establish the Department of Homeland Security. Source: HK Law


Single-Hull Tanker Traffic to Saudi Ports Dwindles

A Dec. 25, 2009 report from Gulf News, said the number of single-hull supertankers bound for Saudi Arabia, the world's biggest oil-producer, fell 50 percent over the past month, according to ship-tracking data compiled by Bloomberg. Trading of single-hull tankers will become more restricted next year under International Maritime Organization regulations. The vessels will require inspections to prove their seaworthiness. (Source: www.gulfnews.com)


Supertankers’ Longest Stretch of Unprofitability

According to an Oct. 24 report from Bloomberg, supertanker owners are facing the longest stretch of unprofitable rates in 17 years as the supply of new vessels increases nine times faster than demand for oil. Shipping companies are making $3,155 a day for a single voyage, 90% below the $30,900 Frontline Ltd., one of the biggest operators, said it needs to break even. According to the report, Morgan Stanley estimates the tanker fleet will expand almost 13% next year and the International Energy


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, have plateaued at current levels but could nudge higher on further storage plays, brokers said on Friday.   Rates from the Middle East to Asia are currently around 50 on the Worldscale measure and W55 from West Africa to Asia


Canadian Coastguard Ousts Supertanker From Its Waters

The Canadian Coastguard has banned a damaged 24-year-old supertanker, Eastern Power, from entering its waters, saying the onus is on its owner, Singapore-based World-Wide Shipping, to prove that it poses no pollution threat. "To us it's a seaworthy vessel outside our waters with a slight leak, and until her owners can demonstrate that it is no threat to Canadian waters we are denying access," said a Canadian coastguard owner Transport Canada official, adding that the ship was carrying 1


Tankship Freight Rates in Swift Freefall

Photo in public domain

The biggest slump in tanker rates since January is signaling weaker U.S. oil imports, and is causing a 15-year low in the shares of one major crude-oil tankship operatore, reports Bloomberg. Rates for the biggest crude carriers tumbled 68 percent in the past two weeks, more than reversing their advance since the end of June, says Bloomberg, citing Clarkson Plc, although earnings had risen after oil cargoes to the U.S


Another Hurdle for Iran Oil Tankers Comeback

Sourena is a FSU for Iranian crude export located in the Persian Gulf, south of Iran. Photo by National Iranian Oil Company

 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.  


Asia Tankers-VLCC Rates Fall on Reduced Demand

MidEast VLCC rates fall nearly 30 Worldscale points this week; port congestion in Basra, China adding to market uncertainty. Freight rates for very large crude carriers (VLCCs) may drift lower next week on weaker sentiment among owners and reduced chartering demand ahead of the release of May's Middle East loading programme, brokers said on Friday. Rates plunged this week from a two-week high hit on April 1 on slower chartering activity that is expected to extend into next week.


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 Under Pressure on Oversupply

File Image: CREDIT EuroNav

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.  


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


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


Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts

© Andrei Pashkov / Adobe Stock

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.   Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for


VLCC Rates Steady Ahead of Possible Rebound

© rob3rt82 / Adobe Stock

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


Qatari Export Costs to Rise as Port Ban Disrupts Trading

© Wojciech Wrzesień / Adobe Stock

Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs.   The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port


Tankers Load Qatari Crude as Crisis Eases

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

Two VLCCs co-load Qatari, Abu Dhabi grades; impact of shipping restriction less severe than expected.   Exports of Qatari crude oil have not been hindered by a port ban imposed by other Gulf states as tankers are loading Qatari grades along with cargoes from the United Arab Emirate


Oil's Price Fall Stalls Despite Supply Glut

File Image: a EuroNav VLCC (EuroNav)

Brent down 12 pct since OPEC-led production cut extension.   Oil prices steadied on Friday after steep falls earlier in the week under pressure from widespread evidence of a fuel glut despite efforts led by OPEC to tighten the market.  


Asia Tankers-VLCC Rates Await Market Pointers

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

Gulf tensions fail to ignite VLCC market; owners waiting for July MidEast cargoes that could buoy rates.   Freight rates for very large crude carriers (VLCCs) face an uncertain week, possibly coming under pressure from a dearth of new Middle East cargoes but they could also find support


Asian Crude Storage Trend Impacts OPEC Cuts

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

Current markets make it profitable to store oil for future sale; many tankers sitting around Singapore storing oil.   A 10-percent decline in oil prices since late May could push traders to keep crude in storage, looking to sell down the line when forward prices are higher.  


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)


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


Updated ShipArrestor System Delivered to NCA

Image of ShipArrestor deployment (Photo: Miko Marine)

An improved and upgraded version of the Miko Marine ShipArrestor system has been delivered to the Norwegian Coastal Administration (NCA).  The system has been developed to give nations the ability to protect their coastlines from the danger of ships that have lost engine power and from the


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.  






 
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