High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
(Bloomberg) — Two Iranian oil tankers, part of the fleet controlled by Tehran-based NITC Co., are proceeding to India to unload cargoes this month, according to signals from the ships tracked by IHS Inc.
The Clove, a Suezmax able to haul 1 million barrels of oil, is scheduled to arrive in the eastern Indian port of Visakhapatnam July 25, the data showed. The Aframax tanker Castor, which can hold 600,000 barrels, is signaling to arrive at the western port of Vadinar July 15. Three more very large crude carriers are en route to China and a fourth is anchored outside the Egyptian port of Ain Sukhna.
Iran, under a European Union embargo on oil imports that began July 1, raised storage on tankers to as much as 42 million barrels by the end of May, according to the International Energy Agency. About 17 VLCCs and eight Suezmaxes belonging to NITC are storing crude at sea, which equates to about 60 percent of its fleet, the Paris-based adviser to industrialized countries said in a report today, citing unidentified shipbrokers.
– Rob Sheridan and Michelle Wiese Bockmann, Copyright 2012 Bloomberg
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