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Supertanker

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


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


Tanker Rates Are

Caribbean crude tanker rates shot through the roof as oil poured towards the United States, brokers said. Typical rates for 70,000 ton upcoast U.S. liftings soared past W300 ($12.25 per ton) - up around 20 points on the previous day and about 75 points over a week ago. Increased crude production by Venezuela and Mexico was reportedly causing the spike. Increased VLCC arrivals from the Middle East was also putting pressure on Aframax supply in the U.S


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.


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.


IMO: Streamlined Shipping Inspections Are Under Study

Shipping's myriad safety inspections are facing a radical overhaul after high level meetings between the International Maritime Organization (IMO) and oil industry officials. Ships arriving in port are routinely scrutinized by surveyors from five different bodies, often checking the same item. The system has failed to prevent numerous sinkings this year and last, causing dozens of deaths and widespread pollution. IMO Secretary General Bill O'Neil said that it may now be time to combine all


Danger on the High Seas

A tale of survival could best describe John S. Burnett's experience onboard his sloop Unicorn in January 1992. Sailing solo across the South China Sea to Singapore - one of the busiest shipping lanes in the world - Burnett was attacked by pirates. However, with luck on his side, Burnett, who is a journalist and professional seaman, survived. Following this harrowing experience, Burnett was prompted to investigate further the world of modern-day piracy - world that is as shocking as it is


Sanctions May Cut Oil Flow as Ships Cancel Voyages

U.S. and European sanctions designed to pressure Iran over its nuclear program may be cutting the Persian Gulf nation’s oil exports, as vessels cancel trips to the country.   Shipments have declined by 300,000 to 400,000 barrels a day, because sanctions are preventing Iran from selling oil, said Amrita Sen, an analyst at Barclay’s Capital in London. Half of the tankers booked to load at the country’s largest terminal last month didn’t complete the voyages


Tanker Firms Eye US Listings as Market Rebounds

Photo courtesy of Euronav

Inspired by an upturn in shipping markets after one of the worst sector downturns on record, a batch of oil tanker companies are looking to raise capital through U.S. listings.   While crude prices have fallen more than 50 percent since June, tanker prospects have brightened, helped by a drop in bunker fuel prices and demand for oil among bargain hunters. Overcapacity, which has dogged owners for years, is also receding.  


Is Oil Price Pain, Shipping Industry's Gain?

Tumbling prices and oversupply may be cause for concern in the oil industry, but shipping industry it can represent a window of opportunity.   A simple statistical data can put things in perspective for you: Two out of every three barrels of oil that are transported are moved around in ships


Supertankers Buying Spree to Beat Oil Glut

Oil Tanker: Vitol

 Some of the world’s largest oil traders are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices.   Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months


Traders Book Oil Tankers to Store 25m Barrels at Sea

Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as


Highest Tanker Shipping Rates in Six-Years

Courtesy: Dynacom Tankers Management

Morgan Stanley and Evercore Partners Inc. predicting the highest shipping rates in six-years are possible with demand to store oil on vessels is strengthening, says a Bloomberg report. Supertanker owners from Tokyo to Athens days that oil-at-sea storage demand has gone up. Frontline Ltd


Iran's Oil Exports Surge above Sanctions

Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran


Increase In SE Asia Cargo Thefts - Dryad Maritime's Warning

Dryad Ian Millen

The latest report of a tanker hijack in Southeast Asia has prompted Dryad Maritime to issue an advisory to its shipping clients, on the basis that the crime follows a pattern, which has seen up to six such attacks, over the last nine months. The industry leading maritime operations company that


Maersk Continues Exit from Crude Transport

(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers


Marseilles Targets Mega-cruise Repair Market

Renovation work underway at Drydock 10, Marseilles

The Marseilles Fos port authority said it is targeting mid-2015 to complete the €28 million renovation of its giant drydock 10 to provide a strategically located base for cruise ship repair and maintenance. At 465 meters long and 85 metrs wide - the third biggest in the world after Lisbon


UK's Hound Point VLCC Jetty Down Until Sept. 15

The supertanker jetty at the North Sea's Hound Point crude oil terminal is shut for maintenance and will not reopen until Sept. 15, operator BP Plc said on Thursday, making sending excess cargoes to Asia more difficult for traders. The Hound Point jetty has two berths


China's Unipec Books Megatanker to Store Crude

Chinese oil trader Unipec has booked one of the world's largest ships to store crude off Singapore, trade sources said on Monday, hiring a 3.2 million barrel capacity supertanker to hold the oil at sea until prices recover. The TI Europe is one of just a handful of Ultra Large Crude Carries


PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data. Venezuela will start importing light crude this month with a shipment of Algerian Saharan Blend scheduled to arrive at its


Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently started importing Saharan Blend from Algerian state-run Sonatrach to dilute its extra heavy crude from the Orinoco oil belt


Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes could nudge higher amid a flurry of new cargoes and tighter tonnage supply that propelled rates to their highest in nine months


Tanker Markets See Storage Boon from Oil Price Collapse

Photo: Teekay Corporation

The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping.   Supertanker rates are already close to five-year highs of over $83


First ShipArrestor System Delivered in Norway

The ShipArrestor lassoes a target vessel during a trial

Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) has signed its acceptance of the first of two ShipArrestor systems from Miko Marine, making Norway the first country with a system that gives it the ability to protect its shores from the danger of drifting






 
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