Teekay’s Icebreaking LNG Carriers No Longer Considered ‘Blocked’ Under U.S. Sanctions

The joint venture operating icebreaking LNG carriers for Yamal LNG have been exempted from U.S. sanctions against COSCO tanker units, Russian natural gas producer Novatek said Tuesday. Novatek, which operates Yamal LNG plant in northern Russia, announced it has received notification from TC LNG Shipping, the joint venture owning the Arc7 ice-class tankers, that the JV is no … [Read more...]

U.S. ‘Deeply Concerned’ About Chinese Tankers Going Dark

By Timothy Gardner and Arshad Mohammed WASHINGTON, Oct 16 (Reuters) - The White House is warning Chinese shipping companies against turning off their ships' transponders to hide Iranian oil shipments in violation of U.S. sanctions, two senior administration officials said. "We've been messaging very heavily to the shipping companies, you don't want to do this, it's not worth … [Read more...]

Geopolitical Risks Send Supertanker Rates to Record Levels

By Olivia Konotey-Ahulu and Firat Kayakiran (Bloomberg) --Nothing right now is stopping a surge in oil tanker rates that’s given owners of the vessels one of the biggest boosts in years. Rates have rallied so high that a secondhand supertanker could theoretically pay for itself in a couple of voyages, according to estimates from Clarkson Platou Securities AS. A normal … [Read more...]

Oil Tanker Rates Roar to New Records as Geopolitical Risks Swirl

By Olivia Konotey-Ahulu and Firat Kayakiran (Bloomberg) --Nothing right now is stopping a surge in oil tanker rates that’s given owners of the vessels one of the biggest boosts in years. Rates have rallied so high that a secondhand supertanker could theoretically pay for itself in a couple of voyages, according to estimates from Clarkson Platou Securities AS. A normal … [Read more...]

Supertankers See Another Windfall with Attack on Iranian Ship

By Brian Wingfield and Firat Kayakiran (Bloomberg) --Supertankers hauling oil on some of the world’s longest trade trade routes had already been enjoying a massive windfall. Then came a reported attack on an Iranian ship. Daily rates for Very Large Crude Carriers to ship oil to China from the Persian Gulf soared by 90% to $300,391 a day, Baltic Exchange data show. Just a … [Read more...]