BP Shipping U.S. Crude to PDVSA's Terminal
British BP has shipped a U.S. crude cargo to PDVSA's terminal in Curacao, the third one that the firm has sent since winning a tender along with China Oil last month to provide the Venezuelan state-run company with some 8 million barrels of light oil, according to sources and Reuters data. Venezuela started regular crude purchases last year and since then it has been launching tenders on the open market for at least one monthly cargo. In March it decided to secure provisions for the whole second quarter, doubling crude imports to some 95,000 barrels per day (bpd). The tanker NS Century chartered by BP loaded crude this week at Beaumont and Port Arthur, Texas, on the U.S. Gulf Coast and set sail to PDVSA's Bullenbay terminal on the Caribbean island of Curacao.
Ins and Outs of Tanker Spot Rate Analysis Revealed
Marine Transport Advisors, McQuilling Services, explain important elements of their forecasting process when they develop the final forecast set out in their recent '2014-2018 Tanker Market Outlook' analysis. Interestingly, of four primary observations regarding vessels that transport crude and dirty products it was observed that the historically strong relationship between monthly OPEC production and VLCC monthly average spot rates between 2005 and 2010 had disappeared. This…
Tanker Market Outlook 2008 – 2012
McQuilling Services has released its January 2008 Tanker Market Outlook for the period 2008 through 2012. The report, produced each year in January, presents a forecast for 10 trades in the five major tanker sectors through 2012. Six dirty trades and four clean trades are evaluated and discussed. Since a year ago the world economic outlook has changed significantly in the short term. Growth is expected to slow from 5.2% in 2007 to 4.8% in 2008. The slowdown was sparked by the US economy and its travails in the sub-prime mortgage market which have spread to the international financial markets.
