Texas Coast Supertanker Terminal On Track for Late 2022

By Devika Krishna Kumar NEW YORK, Nov 7 (Reuters) - Energy Transfer LP said on Thursday discussions with potential shippers to build an offshore crude export facility in Texas capable of handling supertankers were progressing on schedule, with the project expected to be in service by late 2022 or early 2023. The company has also made advances on the regulatory and permitting … [Read more...]

Tanker Rates Soar as U.S. Sanctions Rattle Crude Trade

By Florence Tan and Chen Aizhu SINGAPORE, Sept 27 (Reuters) - Key oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran. In what the State Department called "one of the largest sanctions … [Read more...]

Record Number of Supertankers Loading at Louisiana Offshore Oil Port

By Collin Eaton HOUSTON, June 3 (Reuters) - Medium-sour crudes from the U.S. Gulf of Mexico are being snapped up by overseas buyers, paving way for a record six supertankers to load at the Louisiana Offshore Oil Port (LOOP) in a matter of weeks, according to people familiar with the matter. The six scheduled loadings in late May and early June would double the record of Very … [Read more...]

Replacing Iran’s Lost Oil Supply a Boon for Supertankers

By Alex Longley (Bloomberg) -- Higher OPEC oil production and longer voyages are propelling shipowners back to good times. Just a month ago, hiring a supertanker for the benchmark Middle East Gulf-to-China route cost about $18,000 a day. That almost tripled to $51,000 a day as of Monday, the highest level since at least early 2017. The surge has come as the ships … [Read more...]

Indian VLCC Suffers Explosion Off Oman

Update: SCI Confirms Two Casualties from VLCC Explosion A VLCC belonging to the Shipping Corporation of India suffered an explosion in a cargo tank on Tuesday off the coast of Oman, the company has confirmed.  The vessel, named Desh Vaibhav, was underway to Fujairah, UAE when the explosion took place at around 0935 hours, the company said.  A stock exchange … [Read more...]