China’s Supertanker Traffic Jam Propels Global Shipping Rates

  By Manisha Jha (Bloomberg) -- Supertankers hauling crude to China are contending with increased waiting times to unload as some on- land storage depots reach capacity amid an oil-buying binge by the world’s most populous nation. At least 19 two-million-barrel-capacity ships -- known as VLCCs -- were stationed off China’s coast for two weeks or more, according to … [Read more...]

McQuilling Estimates Day Rates for Supertankers to Rise 48 Percent [REPORT]

(Bloomberg) -- Earnings for the biggest oil tankers on the benchmark route shipping Saudi Arabian crude to Japan will rise 48 percent this year to average $20,600 daily, said McQuilling Services LLC. Very large crude carriers hauling 2 million barrels of cargo earned $10,300 a day in 2011 and $13,900 last year on the route, the Garden City, New York-based tanker adviser said … [Read more...]