China’s Supertanker Traffic Jam Propels Global Shipping Rates

Photo: Shutterstock/Montenegro

  By Manisha Jha (Bloomberg) -- Supertankers hauling crude to China are contending with increased waiting times to unload as some on- land storage depots reach capacity amid an oil-buying binge by the world’s most populous nation. At least 19 two-million-barrel-capacity ships -- known as VLCCs -- were stationed off China’s coast for two weeks or more, according to … [Read more...]

Singapore’s Record High Fuel Oil Stockpiles Driving Storage at Sea

Photo: Shutterstock/ Anatoly Menzhiliy

  By Jessica Jaganathan SINGAPORE, Sept 21 (Reuters) - Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters, traders and shipbrokers … [Read more...]

VLCC Rates Slump Seen Ending Soon

Photo: Shutterstock/tcly

  By Naomi Christie (Bloomberg) -- For operators of very large crude carriers, the tankers that move as much as 2 million barrels of oil across oceans on a single trip, the fourth quarter can’t come fast enough. Since July, shipping rates have dropped by 47 percent after later-than-usual maintenance caused Asian refineries to close and demand to fall. Now rates … [Read more...]

VLCC Tanker Rates Set to Slide Further On Lower Cargo Volumes, Oversupply

A VLCC headed for the eye or the storm. Image (c) Shutterstock/Montenegro

  By Keith Wallis SINGAPORE, Aug 14 (Reuters) - Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand. "I don't think we've seen the bottom yet even if rates may have stabilised," said a Singapore-based supertanker broker … [Read more...]

INTERTANKO Livid Over Nigeria Tanker Ban

Photo: Shutterstock/Montenegro

  By Jonathan Saul LONDON, July 23 (Reuters) - A ban on 113 oil tankers by Nigerian state oil company NNPC must be lifted immediately as no grounds have been given for the measure, the global oil tanker industry association said in a letter of protest. NNPC issued a letter on July 15, citing a directive from President Muhammadu Buhari, which said the vessels, … [Read more...]

First of Iran’s Floating Storage Supertankers Sets Sail After Nuclear Deal

Photo: Shutterstock/Montenegro

By Jonathan Saul LONDON, July 16 (Reuters) - An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing … [Read more...]

Bahri Returns to Hyundai Samho for Five More VLCCs

Photo: Bahri

  The National Shipping Company of Saudi Arabia, aka Bahri, has returned to South Korea's Hyundai Samho Heavy Industries for five newbuild Very Large Crude Carriers. Bahri signed the deal with Hyundai Samho, an affiliate of Hyundai Heavy Industries, late Tuesday. The contract includes options for five additional VLCCs. The five newbuildings brings the total number … [Read more...]