Iraq Blacklists Tankers Transporting Kurdish Crude Oil

By Dmitry Zhdannikov (Reuters) Iraqi state oil firm SOMO has blacklisted three tankers involved in shipping crude from Kurdistan, stepping up pressure on the semi-autonomous region amid tense talks on sharing oil revenue. Kurdistan has been exporting crude independently via Turkey since mid-2015 after saying Baghdad had failed to respect an oil revenue-sharing deal and … [Read more...]

Oil Traders Rush To Dispatch Tankers To U.S. Ports

By Catherine Ngai (Reuters) A rare opening of an export window for crude moving from the U.S. Gulf to Western Europe has caused a flurry of interest among oil traders, with at least two securing vessels. On Tuesday, global marker Brent's premium traded to as much as $2.50 a barrel over U.S. crude futures, the most since late February. The widening of the premium … [Read more...]

Tanker Carrying Kurdish Oil Arrives Off Florida Coast

By Zain Shauk July 25 (Bloomberg) -- A ship carrying crude from Iraq’s Kurdistan region is off the coast of Florida, with the future of the oil aboard murky because of uncertainty over who has the right to sell it. The United Kalavryta is operated by Unicom Management Services Ltd., said Andy Kendrick, a spokesman for the U.S. Coast Guard. It’s scheduled to dock in … [Read more...]

U.S. Shale Boom To Hurt Crude Oil Tanker Market

(Bloomberg) -- Earnings for the biggest crude tankers will be 25 percent lower next year than previously estimated as increased U.S. shale-oil production curbs imports into the country, DNB ASA said. Very large crude carriers will earn $21,000 a day on average in 2013 and $22,000 in the following year, 24 percent below its prior estimate, the Oslo-based bank said in a report … [Read more...]

Rumors Abound, China Places Order For 50 Supertankers

China's 21st Century Business Herald newspaper reported today that China has placed a massive $4.5 billion order for 50 VLCCs in an effort to stimulate the struggling Chinese shipbuilding industry and secure the country's energy supply chain independence. The order was placed by a group of state-owned Chinese shipping companies, including China Shipping Group, Dalian Ocean … [Read more...]