VLCC Tanker Rates Set to Slide Further On Lower Cargo Volumes, Oversupply

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

  By Keith Wallis SINGAPORE, Aug 14 (Reuters) - Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand. "I don't think we've seen the bottom yet even if rates may have stabilised," said a Singapore-based supertanker broker … [Read more...]

INTERTANKO Livid Over Nigeria Tanker Ban

Photo: Shutterstock/Montenegro

  By Jonathan Saul LONDON, July 23 (Reuters) - A ban on 113 oil tankers by Nigerian state oil company NNPC must be lifted immediately as no grounds have been given for the measure, the global oil tanker industry association said in a letter of protest. NNPC issued a letter on July 15, citing a directive from President Muhammadu Buhari, which said the vessels, … [Read more...]

First of Iran’s Floating Storage Supertankers Sets Sail After Nuclear Deal

Photo: Shutterstock/Montenegro

By Jonathan Saul LONDON, July 16 (Reuters) - An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing … [Read more...]

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...]