Photo: Garry2014 / Shutterstock By Roslan Khasawneh SINGAPORE, March 30 (Reuters) - Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said. Freight rates for very large crude-oil carriers (VLCC) along the … [Read more...]
Global Oil Storage to Fill Rapidly as Consumption Plunges: Kemp
Photo: By Thor Jorgen Udvang / Shutterstock By John Kemp LONDON, March 27 (Reuters) - Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output. No comprehensive data exists on total storage volumes available in the petroleum … [Read more...]
Saudi Arabia Tanker Power Play Could Backfire as Oil Demand Shrinks
Photo: By G-Valeriy / Shutterstock By Jonathan Saul and Dmitry Zhdannikov LONDON, March 23 (Reuters) - Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments. That could leave the kingdom stuck with tens of millions of barrels … [Read more...]
Tankers Drop Anchor as Traders See Profit in Price Rout
Photo: By angelstructure / Shutterstock By Alex Longley (Bloomberg) -- Oil tankers starting to drop anchor as traders start deploying the vessels to keep barrels at sea in the wake of the price plunge. Between five and 10 supertankers have now been booked for storage, according to Florian Thaler, chief executive officer of oil data analytics company OilX. Multiple … [Read more...]
Surging Demand to Move Crude Oil Sends Smaller Tanker Rates Soaring
Photo: Anatoly Menzhiliy/Shutterstock By Roslan Khasawneh - SINGAPORE, March 16 (Reuters) - A surge in demand to ship the flood of crude oil unleashed by Saudi Arabia and its OPEC peers is sending freight rates surging and forcing buyers to seek out space on smaller tankers after the largest ones have been booked out, shipping sources said. Freight charges to ship oil … [Read more...]