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West Africa

Asia Tankers-VLCC Weighed by Excess Tonnage

File Image (CREDIT: AdobeStock)

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.   Typically, shipowners discount rates for older vessels, while oil majors in West Africa limit charters to more modern ships.   Supertanker charter rates have diverged over the last week with prices from the Middle East to Asia nudging lower while freight rates from West Africa climbed to their highest since Feb. 28.   "The disparity in rates between modern and old ships remains while rates for the longer voyages like West Africa/East have been better maintained," said Norwegian ship broker Fearnley in a note on Wednesday.  


Pirates Make a Comeback?

Graph: Oceans Beyond Piracy

 A new report by U.S.-based One Earth Future Foundation Inc.'s Oceans Beyond Piracy program found that seafaring incidents involving kidnap for ransom jumped in 2016. Asia led the way with 125 instances of piracy, while West Africa had 95.  Incidents of kidnap for ransom rose in West Africa and in Asia (in the Sulu and Celebes Seas specifically) from 2015 to 2016. 2016 saw a 57% rise in the number of seafarers affected by piracy in West Africa.  


WSS Open Their Own Facility in Dakar, W. Africa

Simon Hutt: Photo credit WSS

Ship service providers WSS open their own premises in the port after 15 years of operation through sub-agents & service providers. Simon Hutt, Area Director for North and West Africa paid tribute to the hard work of the area operational team in West Africa who have been managing the business development activities and securing the future of the new office, saying:  “WSS has operated in West Africa for the last fifteen years through various sub-agents and service


Topaz Secures another West Africa Contract

The Topaz Faye

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Middle East and Caspian, announced a new contract win for its fast growing West Africa operation. Under the terms of the $11 million agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 months to support its offshore production operations. This contract comes on the back of several recent contract wins in West Africa and further strengthens


Hapag-Lloyd Enhanced West Africa Express Service

Photo: Hapag-Lloyd

 Hapag-Lloyd will restructure and further enhance the dedicated West Africa Service Network, the company said in its press release.   Effective mid of March 2016, existing weekly West Africa Express Service (WAX) will be upgraded by deploying an additional vessel, which will enable us to extend port coverage in the existing product.   With the restructured service, Hapag-Lloyd will have a direct Apapa call on the southbound leg


CMA CGM to Upgrade its PEX 3 Service

Photo: CMA CGM

 CMA CGM introduced its new PEX 3 service rotation linking US Gulf Coast and US East Coast (South Atlantic) to Asia, Africa and Mediterranean.   Effective March 9th, 2016 in Houston with m/v CMA CGM CHATEAU D’IF voy. 062PGW, the new rotation will be the following: Houston - Mobile - Miami - Jacksonville - Charleston - Tangier - Singapore - Hong Kong - Chiwan - Shanghai - Ningbo - Pusan   PEX 3 will then offer the following features: 


Aegean Marine to Open New Service Center in West Africa

Aegean Marine Petroleum Network Inc. an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, today announced that it plans to launch a new service center located on the Gulf of Guinea in West Africa during the fourth quarter of 2007, expanding the Company's global network of marine fuel service centers. The company also announced it has entered into an agreement to purchase a 1985-built 83


Topaz secures another West Africa contract

Topaz-faye DP2 platform

Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for its fast growing West Africa operation. Under the terms of the US$ 11 million agreement, Topaz will supply a global oil major with a platform supply vessel, the Topaz Faye, for 18 months to support its offshore production operations. This contract comes on the back of several recent contract wins in West Africa and further


Hutton's Opens Equatorial Guinea Supply Base

Alex Taylor

As part of its continued supply network growth in West Africa, Hutton’s Group has opened a new facility in Equatorial Guinea to boost its supply chain in the region. Operating as part of Hutton’s Remote Site Services, the new base in Luba Freeport will enhance the successful supply solutions already being delivered by Hutton’s West Africa depots in Ghana and Ivory Coast. As the only ship supplier based within Luba Freeport


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 could cap increases, brokers said on Friday.   "Middle East rates to the east have crept up one or two points (on the Worldscale measure)," said Ashok Sharma


Yinson Sells FPSO Stake in Ghana

Photo: Yinson Holdings

 Malayasia's Yinson Holdings has sold its26 percent stake in its floating production, storage and offloading (FPSO) unit in Ghana to a consortium of Japanese companies, The Star reported.   According to the heads of agreement (HoA) with the consortium


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.  


GC Rieber Gets Extension for 'Polar Onyx'

Polar Onyx. Photo: GC Rieber

 Norwegian offshore shipowner GC Rieber Shipping has entered into an agreement to extend the fixed contract period for "Polar Onyx," according to a press release.   The agreement secures the ship until the end of August 2017


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


Shark Fins Found Aboard Chinese Vessels

File Photo: © Greenpeace

 Shark fins have been discovered on two Chinese fishing vessels during a joint surveillance conducted by Greenpeace and Guinean fishery authorities.    One of the vessels also had illegally altered fishing nets on board, while a third Chinese vessel was caught using illegal nets


Armed Piracy in West African Waters Rise

Bulk of attacks occurred off Nigeria.   Armed attacks on ships in West African waters nearly doubled in 2016, with pirates increasingly focused on kidnapping their crew for ransom off Nigeria's coast, a report said on Tuesday.  


Chinese Vessels Detained off West Africa for Illegal Fishing

West African countries have detained eight Chinese ships for fishing illegally and the boats' owners could be subject to millions of dollars in fines, environmental group Greenpeace and government officials said.   Inspectors from Guinea


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


Global Maritime Makes Two Hires in Asia Pacific

Mei Ling Chan (Photo: Global Maritime)

Global Maritime, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has made two important hires to support its Asia Pacific (APAC) operations.   Mei Ling Chan has been appointed as Regional Finance Manager for APAC where she will take


MSC Inks 35-year Deal to Run Ivory Coast Terminal

Mediterranean Shipping Company (MSC) has signed a 35-year concession agreement with Ivory Coast's second port of San Pedro to operate its container terminal as part of a deal to upgrade the facility, the Swiss shipping company said on Tuesday.  


Nigeria Oil Exports Continue to Climb

Nigeria issued its first Forcados oil loading plan since 2016, putting the nation's June oil exports on track to hit thier highest level in at least 15 months. The plan, if realised, would return loadings by Nigeria, normally West Africa's biggest oil exporter


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


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


Asia Tankers-VLCC Rates Supported by Floating Storage

File Image: Credit Suez Canal Authority

Trafigura hires five VLCCs to store oil; short-term storage a profitable play.   Freight rates for very large crude carriers (VLCCs) could creep higher as more ships are chartered for floating storage and crude oil shipments increase ahead of the northern winter, brokers said.  


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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