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...]

Oil Tanker Rates Roar to New Records as Geopolitical Risks Swirl

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...]

China’s Unipec Bans Venezuela-Linked Oil Tankers

By Devika Krishna Kumar and Collin Eaton NEW YORK/HOUSTON, Oct 10 (Reuters) - China's Unipec, the trading arm of Asia's top oil refiner Sinopec, has banned the use of vessels linked to oil flows from Venezuela in the last year, according to sources familiar with the matter and a contract clause seen by Reuters on Thursday. Last week, Exxon Mobil Corp also barred the use of … [Read more...]

Exxon Mobil Bars Use of Oil Tankers Linked to Venezuela -Sources

By Jonathan Saul and Collin Eaton LONDON/HOUSTON, Oct 4 (Reuters) - Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the U.S. sanctioned country and on global crude freight rates. Washington has imposed several rounds of sanctions on Venezuela … [Read more...]

U.S. Slaps Sanctions on Firms Moving Venezuelan Oil to Cuba

By Doina Chiacu and Marianna Parraga WASHINGTON, Sept 24 (Reuters) - The U.S. Treasury Department on Tuesday imposed sanctions on four maritime firms and vessels transporting Venezuelan oil to Cuba, amid an acute fuel scarcity in the island that is forcing people to line up for gasoline and public transport. Despite tough U.S. measures against Venezuela's state-owned oil … [Read more...]