Asia Tankers | VLCC Rates Could Climb on Possible Renewed Chartering

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By Keith Wallis SINGAPORE, April 17 (Reuters) - Rates for very large crude carriers (VLCCs) on key Asian routes are likely to hold steady or climb next week if charterers release their May fixture programme amid tighter supply of tonnage, brokers said. "Owners are very bullish. They have managed to hold the line even without any real cargo," said a Singapore-based VLCC … [Read more...]

VLCC Backlog Builds at Iraq’s Basra Port After Bad Weather

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By Keith Wallis SINGAPORE, April 1 (Reuters) - A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face lengthy delays of up to three weeks to load oil because of bad weather and possible oil quality issues, shipping industry sources said. The problems could delay or limit the number of oil export cargoes from Basra in April, … [Read more...]

Morgan Stanley and Evercore Say $100k Tanker Rates Possible

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By Naomi Christie and Angelina Rascouet (Bloomberg) -- Supertanker owners from Tokyo to Athens said demand to store oil on vessels is strengthening, with Morgan Stanley and Evercore Partners Inc. predicting the highest shipping rates in six-years are possible. Frontline Ltd., Nippon Yusen Kaisha and Dynacom Tankers Management Ltd., who control 11 percent of the fleet, … [Read more...]

Record Oil Tankers Seen Sailing to China Amid Stockpiling Signs

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By Naomi Christie Dec. 12 (Bloomberg) -- The number of supertankers sailing to China jumped to a record in ship-tracking data amid signs that the oil-price crash is spurring the Asian nation to stockpile. There are 83 very large crude carriers bound for Chinese ports, according to shipping signals from IHS Maritime, compiled by Bloomberg at about 8:30 a.m. today in … [Read more...]

SPOTD: DSME Delivers Al Kout to Kuwait Oil Tanker Company

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The VLCC Al Kout was delivered last week by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) as part of a series of vessels constructed for the Kuwait Oil Tanker Company (KOTC). The 165,178 gross ton vessel was built under ClassNK Rules and Regulations and is the final vessel of the four VLCCs and one Aframax Tanker constructed by DSME as part of this project … [Read more...]

DHT to Acquire Samco Shipholding

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Bermuda-based crude oil shipping firm DHT Holdings announced today that it has acquired Samco Shipholding Pte. Ltd, a Singapore firm that owns and operates a fleet of seven very large crude carriers (VLCCs) with an average age of 4.5 years. With this acquisition, DHT's fleet expands to 20 VLCCs (including six VLCCs under construction at Hyundai Heavy Industries), two Suezmaxes … [Read more...]