Replacing Iran’s Lost Oil Supply a Boon for Supertankers

By Alex Longley (Bloomberg) -- Higher OPEC oil production and longer voyages are propelling shipowners back to good times. Just a month ago, hiring a supertanker for the benchmark Middle East Gulf-to-China route cost about $18,000 a day. That almost tripled to $51,000 a day as of Monday, the highest level since at least early 2017. The surge has come as the ships … [Read more...]

Indian VLCC Suffers Explosion Off Oman

Update: SCI Confirms Two Casualties from VLCC Explosion A VLCC belonging to the Shipping Corporation of India suffered an explosion in a cargo tank on Tuesday off the coast of Oman, the company has confirmed.  The vessel, named Desh Vaibhav, was underway to Fujairah, UAE when the explosion took place at around 0935 hours, the company said.  A stock exchange … [Read more...]

Port of Corpus Christi Bond Sale Raises $216.2 Million for Ship Channel Dredging Project

The Port of Corpus Christi has sold over $216 million in bonds to help finance the deepening and widening of the Corpus Christi Ship Channel. Currently at a depth of 45 feet, the Ship Channel will be dredged to 54 feet to accommodate Suezmax and larger vessels, and widened to 530 feet to allow for two-way traffic flows, positioning the Port of Corpus Christi as the deepest … [Read more...]

PHOTOS: Texas City Hosts First Supertanker

By Alaric Nightingale (Bloomberg) -- A 2 million barrel-carrying supertanker arrived for the first time at a jetty in Texas City as surging U.S. oil output drives up incentives to export. The Nave Quasar, a Very Large Crude Carrier, signaled from the jetty at the Gulf of Mexico terminal on Friday morning, according to vessel-tracking data compiled by Bloomberg. The tanker … [Read more...]