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)
Tanker, Container Ship Collide in Singapore Waters
Reports indicate that a supertanker and a container ship collided in Singapore waters southeast of St John's Island. But the incident did not result in any oil pollution or casualty, says the Maritime and Port Authority of Singapore. It has deployed an anti-pollution craft to monitor the situation and is investigating the incident. MPA says Greece-registered supertanker, Astro Luna, was heading west in the Singapore Strait when it collided with Panama-registered container ship, YM Earth. At the time of the collision, Astro Luna was not carrying any oil. YM Earth, which was loaded with containers, was then approaching the Eastern Pilot Boarding Ground 'A' enroute for the Tanjong Pagar terminal. Source: Channel News Asia
$4B Fleet Expansion Planned
's state-owned shipping company aims to spend up to $4 billion over the next three to four years to expand its fleet size, a senior company official said, according to a report published on www.guardian.co.uk. Oman Shipping Company (OSC) is looking to grow its shipping fleet mainly to meet the demand for energy transportation, the company’s CFO reportedly told Reuters in a recent telephone interview. Part of OSC's multi-billion dollar expansion includes a recent order to build 10 VLCCs, according to the report. In Februray, OSC placed two separate orders with 's Hyundai Heavy Industries Co, the world's largest shipbuilder, to build five supertankers, and with Daewoo Shipbuilding and Marine Engineering Co to build another five VLCCs.
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. The MSCO fleet consists of 47 ships with total deadweight of 874,000 tons, including 12 ships registered to subsidiaries and registered offshore. The company manages eight nuclear icebreakers and one nuclear lighter ship. The company also owns two diesel-electric icebreakers. (Source: Interfax Russia)
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.
Asia Tankers-VLCC Rate Direction Uncertain
MidEast VLCC rates rise by more than $24,000 per day; China and Saudi Arabia fuel chartering surge. Freight rates for very large crude carriers (VLCCs), which hit a two-week high on Thursday, face an uncertain direction next week, brokers said. Port delays could help create a shortage of tonnage that could push rates higher, but charterers may cool fixture activity to put a ceiling on rates. "It's difficult to call which way the market is going to go," a Singapore-based supertanker broker said.
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.
Asia Tankers-VLCC Rates Rising on Weather, Volume
MidEast VLCC rates jump by almost $13,000 a day; Basra cargos could increase daily rates by $9,000. Freight rates on Asian routes for very large crude carriers (VLCCs) are set to climb higher next week as unloading delays and weather-related port congestion in China tighten vessel supply on strong chartering activity, brokers said on Thursday. "The market is pretty hot. I don't think rates will climb into the sky, but there is a little bit more upside," a Singapore VLCC broker said on Thursday.
Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies
MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said. "I'm not sure we've seen the worst yet," an European supertanker broker said on Friday. "Refineries are slowing down. Oil markets are clogged up by large inventories of products and crude," the broker said. Excess oil supply has been exacerbated by surplus tonnage from new supertanker deliveries…
Asia Tankers-VLCC Rates to Hold Steady
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. "Saudi Arabian cargoes for February loading should be out on Monday.
Ottawa to Mulls Banning U.S.-bound Tankers from N.B. Waterway
The Canadian Press reported that federal politicians say Canada is considering regulations to ban liquefied natural gas supertankers from a sensitive waterway in the Bay of Fundy, risking renewed territorial tensions with the United States. Maxime Bernier, Canada's new minister of foreign affairs, assured a citizens' group on Sunday that Canada is opposed to the prospect of LNG supertankers navigating the treacherous waters that lead into Passamaquoddy Bay between Maine and New Brunswick. Passamaquoddy Bay lies between Maine and New Brunswick and any supertanker traffic would have to cross through Head Harbour Passage, a narrow waterway that Canada considers internal waters. While the U.S.
Refineries Revolution Spurs Product Supertankers
The rapid growth of mega refineries is prompting a new class of oil products supertankers, mirroring an earlier revolution in crude oil shipping, as traders look for scale that was previously not economically viable. In the early 1970s, ships capable of carrying 2 million barrels of crude oil were built to mitigate disruptions from the closure of the Suez Canal and to meet growing global demand. Now, the products trade is spurring similar innovation. As the Middle East and U.S. Gulf Coast transform into refining hubs, traders require ever-larger tankers to move oil products such as gasoline, diesel and aviation fuel to Europe, Asia and Latin America.
Asia Tankers-VLCC Rates Plateau, Could Edge Higher
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 depending on vessel age and actual destination, brokers said.
Supertankers Pose No Danger to Bay of Fundy
Proponents of a controversial liquefied natural gas plant in Maine say a study ordered by the Canadian government has found there is no reason to ban supertankers from the Bay of Fundy, as Ottawa has threatened to do if the U.S. approves the project. Downeast LNG said the environmental study found there were no immediate risks of having LNG supertankers go through the Bay of Fundy, part of which is split by the New Brunswick-Maine border, to the proposed plant. Dean Girdis, the Washing-ton-based president of Downeast LNG, said the long-awaited review, done by Ottawa-based Senes Consultants Ltd., found there was no immediate danger of having the 283-metre long ships go through a narrow passage in Canadian waters called Head Harbour if precautions were taken.
From VLCC Bridge To Beans Café
Joseph Hazelwood -- the man who was captain of the Exxon Valdez supertanker when it grounded against the Alaska coast has started his first month-long stint of helping out at a kitchen -- Beans Cafe -- that serves Anchorage's poor and homeless. The community service is part of his sentence for his criminal conviction stemming from the 1989 accident in which about 35,000 tons of oil were spilled in Prince William Sound.
Crude-Tanker Surplus Shrinks to Eight-Week Low: Survey
The surplus of supertankers competing to load 2 million-barrel shipments of Middle East crude oil shrank to an eight-week low. There are 7.5 percent more vessels for hire over the next 30 days than there are likely cargoes, according to the median estimate of six shipbrokers and owners surveyed by Bloomberg News today. That’s the lowest level since Jan. 31 and compares with a 12 percent excess a week ago. (Bloomberg).
Supertankers in for Worst December in Nine Years
According to a report from Bloomberg, supertankers shipping 2 million- barrel cargoes of Middle East crude oil are heading for the worst December since at least 2001 as excess vessel supply cuts what owners can charge. Returns from shipping Middle East oil to Asia, the industry’s biggest trade route, averaged $15,350 a day so far this month. The previous worst December was in 2001, when rental income averaged $19,341, according to data compiled by Bloomberg dating back to that year. (Source: Bloomberg)
Arabian Gulf Tanker Rates Decline
According to a Jan. 8 Report from Bloomberg, the cost of shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, declined on a surplus of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry’s benchmark Saudi Arabia to Japan voyage declined 0.3 percent to 49.69 Worldscale points, according to the London based Baltic Exchange. (Source: Bloomberg)
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)
General Maritime May Buy More Tankers
According to a July 22 report from Bloomberg, General Maritime Corp., which just bought five supertankers, may buy more vessels amid low ship prices. Prices of five-year-old very-large crude carriers, or VLCCs, averaged $92.7m in the week ended July 19, according to the London-based Baltic Exchange. Prices were 43% lower than the record high of $162m reached in August 2008, though they have gained 20% this year. (Source: Bloomberg)
Persian Gulf Tanker Rates 11-Month High
According to a Dec. 17 report from the Nigerian website, www.punchng.com, the cost of delivering Middle East crude to Asia, the world‘s busiest route for supertankers, rose to an 11-month high because of reduced supply of vessels for hire. Charter rates for very large crude carriers, or VLCCs, on the industry benchmark Saudi Arabia to Japan route climbed 1.4 percent to 57.75 Worldscale points according to the London-based Baltic Exchange. (Source: www.punchng.com)
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)
Significant Evidence of External Explosion on LIMBURG
The U.S. Department of State, in its press briefing of October 11, said that, while work continues to arrive at a definitive judgment regarding the cause of the explosion on board the French supertanker LIMBURG, "there is significant evidence to suggest that an explosion that originated externally damaged the LIMBURG." Source: HK Law