By Ira Breskin - A tanker charterer should carefully vet a nominated vessel by conducting prudent risk assessments to reduce liability. In fact, it is incumbent on the charterer to do a thorough job vetting tank vessels in order to minimize, and ideally avoid, subsequent operational problems and resultant cargo claims, said Brendan Hoffman, CEO of Haugen Consulting in … [Read more...]
Oil Traders Snap Up Tankers in Sign of Second-Wave Contango
By Sheela Tobben and Javier Blas (Bloomberg) --Some of the world’s biggest oil traders are getting ready for the possible resurgence of a coronavirus-induced glut of crude and fuels, snapping up giant tankers for months-long charters so that they can be ready to store excess barrels if necessary. The chartering spree is likely to alarm Saudi Arabia, Russia and their allies … [Read more...]
BP Books Tanker for Storage at Lowest Rate This Year
By Florence Tan and Roslan Khasawneh SINGAPORE, Sept 10 (Reuters) - Oil major BP has provisionally chartered a supertanker to store crude oil off Malaysia at this year's lowest rate yet, according to industry sources and data on Refinitiv Eikon. The charter is the latest in a flurry of ship bookings made by oil majors and trading houses after tanker rates plunged. A … [Read more...]
Supertanker Earnings Go from Boom to Bust as Demand Wavers
By Alex Longley (Bloomberg) --Just six months ago, oil supertankers experienced a windfall as the pandemic slashed demand for crude and traders raced to book vessels to store the resulting glut. Now that season of good fortune for those ships has all but vanished. The tankers, which can haul 2 million barrels of oil across the world’s oceans, are now earning just $6,103 a … [Read more...]
Ocean Tankers Seeks To Reclaim $19 Million From Lim Family
by Jessica Jaganathan (Reuters) - The court-appointed manager of Singapore Ocean Tankers is seeking to reclaim about $19 million from the Lim family directors of the firm, who allegedly transferred the funds from the shipping company to their accounts in April, court documents show. The interim judicial managers from EY said the Lim family “breached their fiduciary duties” … [Read more...]