Rates for Large Crude Carriers Could Inch Lower As Market Enters Holiday Mode

Front Warrior Frontline Tankers Suezmax

By Keith Wallis SINGAPORE Dec 20 (Reuters) - Dirty tanker rates on key Asian freight routes could edge down next week due to year-end holidays, but are likely to remain firm, ship brokers said on Friday. Rates on the benchmark very large crude carrier (VLCC) export route to Japan from the Middle East on Thursday rose to W62.5 in the Worldscale measure, up from W61 a week … [Read more...]

Tanker Market: Thinning Orderbooks, Higher Production, and Increased Ton-Mile Demand

teekay lightering tankers

Teekay's Manager of Research, Christian Waldegrave notes that following the past few months of weakness within the crude tanker market as a result of refinery maintenance and a decrease in OPEC production, there is a light at the end of the tunnel as oil refineries come back on line and as China builds their stockpiles with record oil imports. This increase will also be … [Read more...]

Will the Final Quarter of 2013 Bring Good Tidings to the VLCC Market?

Screen shot 2013-10-17 at 4.30.15 PM

From the perspective of tanker owners, particularly of larger tonnage, it is clear that 2013 will not be remembered fondly. Rates have languished at levels most thought had been consigned to history as tonnage remained abundant in the primary load regions throughout the year. This has been further exacerbated by the altered trading landscape stemming from the US crude oil … [Read more...]

South Korea to Cut Imports of Iranian Crude

A double hulled VLCC headed for the eye or the storm. Image (c) Shutterstock/Montenegro

By Meeyoung Cho SEOUL, June 24 (Reuters) - South Korea has pledged to the United States that it will cut imports of Iranian crude by 15 percent in the next six months to secure its next waiver to U.S. sanctions targeting Iran's nuclear programme, two sources told Reuters. U.S. and European measures aimed at curbing Iran's oil shipments and depriving Tehran of its main … [Read more...]

Miserable VLCC Market Continues as Tankers Queue up in Persian Gulf

circassia frontline tankers crude oil tanker

(Bloomberg) -- A glut of oil tankers competing to haul 2 million-barrel cargoes of crude from ports in the Persian Gulf is set to stay at the highest level since 2009 amid weaker demand for the ships, a Bloomberg News survey showed. There are 20 percent more very large crude carriers seeking charters over the next 30 days than probable cargoes from the world’s largest … [Read more...]

VLCC Charter Rates Show First Decline in 3 Weeks

BW Utik vlcc supertanker tanker

(Bloomberg) -- Charter rates for the largest oil tankers on the industry’s busiest trade route declined for the first time in three weeks amid speculation the supply of vessels in the Persian Gulf will increase. Hire costs for very large crude carriers on the benchmark Saudi Arabia-to-Japan voyage slid 1.3 percent to 36.66 industry- standard Worldscale points, data … [Read more...]