Bahri Returns to Hyundai Samho for Five More VLCCs

Photo: Bahri

  The National Shipping Company of Saudi Arabia, aka Bahri, has returned to South Korea's Hyundai Samho Heavy Industries for five newbuild Very Large Crude Carriers. Bahri signed the deal with Hyundai Samho, an affiliate of Hyundai Heavy Industries, late Tuesday. The contract includes options for five additional VLCCs. The five newbuildings brings the total number … [Read more...]

John Fredriksen Orders Up to 6 VLCCs at STX Offshore & Shipbuilding

Very Large Crude Carrier vlcc

  STX Offshore & Shipbuilding has confirmed an order from billionaire shipping tycoon John Fredriksen calling for the construction of up to 6 VLCCs. The order is comprised of two firm orders with four options. The 300,000 DWT vessels will measure 330 meters long by 60 meters wide. The two vessels are scheduled for delivery in 2017. In a statement, STX said … [Read more...]

Asia Tankers | VLCC Rates Could Climb on Possible Renewed Chartering

savoie vlcc euronav

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

crude oil import terminal vlcc tanker china

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

al kout vlcc kotc kuwait oil tanker company

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

gulf sheba tanker

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...]