Ship owners have been facing an environment of increasing operating costs. Rising fuel prices, low sulfur fuel requirements, port fees and special surveys are just some of the issues that must be considered in financial planning. As we look to the future, the treatment of ballast water is also on the horizon. The International Maritime Organization (IMO) developed the … [Read more...]
Will the Final Quarter of 2013 Bring Good Tidings to the VLCC Market?
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...]
Geopolitical Turmoil Is Spilling into the Tanker Market
While the sizzling summer months are coming to a close and cooler weather is beginning to set in in the North East United States, political tension in the Middle East and North Africa are causing the mercury to rise and “hot spots” are being ignited. As with many aspects of the energy sector, the impact of these types of events could be fast and far reaching. The … [Read more...]
Retail Therapy | Tanker Owners Should Proceed With Caution
Regardless of the state of the global economy, the world renowned Fifth Avenue in New York City is always bustling with optimistic shoppers looking for some relief through retail therapy. It appears that tanker owners, despite the market’s ongoing doldrums, have taken the same approach as they have certainly flexed their checkbooks at shipyards this year. Just take a … [Read more...]
The Dog Days of Summer are Sapping the Momentum of Clean Tanker Rates
The current heat wave on both US coasts makes the idea of going anywhere, with the exception of the beach, an unappealing task. Nevertheless, roads and highways are crowded, which can be somewhat attributed to a slow but gradually improving US economy. As a result, there has been a recognizable boost in gasoline demand. Data from the US Energy Information Administration (EIA) … [Read more...]