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...]
U.S. Sets Sights on Shipping Companies for Sanctions Evasions
By Jonathan Saul LONDON, Nov 6 (Reuters) - The United States will target shipping companies that are in breach of sanctions and aggressively enforce measures across the globe to clamp down on such practices, a top U.S. official said on Wednesday. In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington … [Read more...]
COSCO Tanker Sanctions Seen Denting Demand for High Sulphur Fuel Oil
By Noah Browning LONDON, Oct 29 (Reuters) - U.S. sanctions on a top Chinese shipping fleet is set to produce a totally unintended result -- less burning of the dirtiest marine fuels at sea at the start of next year, Refinitiv data showed on Tuesday. The move to blacklist ships from COSCO on Sept. 24 for allegedly ferrying sanctioned Iranian oil will undercut demand for … [Read more...]
China Dominates in Oil Tanker Market as Refiners Prepare for IMO 2020
By Firat Kayakiran and Olivia Konotey-Ahulu (Bloomberg) --China’s demand for crude oil shows no signs of abating. There are currently more supertankers bound for the Asian nation than at any time since the start of 2017 and possibly longer. That could signal that China’s refineries are planning to run hard through the end of the year when the shipping industry is moving to … [Read more...]
Tankers Defer Retrofits to Cash In on Record Freight Rates
By Roslan Khasawneh SINGAPORE, Oct 18 (Reuters) - Tankers that had been scheduled to install emissions-cutting equipment ahead of stricter pollution standards starting in 2020 have deferred their visits to the dry docks to capitalise on an unexpected surge in freight rates, three trade sources said. U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in … [Read more...]