HOUSTON, Jan 6 (Reuters) - A flotilla of oil tankers is sailing empty from Europe and the Mediterranean toward the U.S. Gulf Coast to take advantage of surging shipping rates, according to shipping sources and Refinitiv Eikon data on Monday. Eight tankers, an unusually high number, are in the Atlantic and steaming to the United States, with capacity of up to 5.6 million … [Read more...]
Frontline Resumes Dividend As Tanker Market Improves
by Terje Solsvik (Reuters) - Crude oil tanker firm Frontline declared its first dividend in more than two years on Wednesday and said it plans to increase the payout in the fourth quarter as shipping rates continue to rise. The third-quarter dividend of $0.10 per share, its first since early 2017, follows a period of debt repayment and investment in vessels, as well as in … [Read more...]
The Spike in Oil-Tanker Rates May Be Over, But a Boom Is Coming
By Olivia Konotey-Ahulu and Firat Kayakiran (Bloomberg) --A surge in the cost of hiring oil tankers last month may already seem like a distant memory, but the rally was enough to convince analysts monitoring the industry’s fortunes that a couple of boom years are on the way. Daily earnings for very large crude carriers, the market’s biggest vessels, will jump to $51,000 next … [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...]