Guyana’s First Oil Sets Sail for United States

By Marianna Parraga and Neil Marks Jan 20 (Reuters) - A vessel carrying Guyana's first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation's long-awaited debut as an oil exporter. The Suezmax vessel Yannis P, loaded with about 1 million barrels of Liza light sweet crude was bound … [Read more...]

Oil Shippers Raise Offers for Middle East Route on Gulf Risk

By Serene Cheong, Sharon Cho and Ann Koh (Bloomberg) --Owners of oil tankers are boosting their rates to haul crude on a key route from the Middle East as risks in the Gulf escalate after Iran retaliated against the U.S. killing of a top general. Shipowners are offering rates for supertankers carrying crude from the Persian Gulf to China at increasingly higher levels, in … [Read more...]

Tankers Sail to U.S. Gulf as Rates Surge

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...]

Oil Tankers Idling Off China Hold Key to Shipping Rates

By Bloomberg News (Bloomberg) -- The fate of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates. The vessels are owned by a unit of Chinese shipping giant COSCO that was sanctioned by the U.S. in late September for carrying Iranian oil. They’ve been floating off the coast for over a month, ship-tracking … [Read more...]

Tankers Running on Fumes as Shipping Fuel Switch Causes Delays

By Julia Payne and Roslan Khasawneh LONDON/SINGAPORE, Dec 5 (Reuters) - Disruption to shipping from the long-anticipated switch to more environmentally friendly marine fuels has finally arrived, exacerbated by logistical problems as much as any shortage of the cleaner fuel. New International Maritime Organization (IMO) rules, referred to as IMO 2020, aim to stop ships from … [Read more...]