The surplus of the largest oil tankers available for loading in the Middle East rebounded from a six-week low, according to a Bloomberg News survey.
There are 19.5 percent more very large crude carriers for hire over the next 30 days than there are cargoes, the median estimate of six shipbrokers and owners showed today. That was up from 15 percent on Jan. 8, when the excess was the smallest since Nov. 27, according to prior figures. No surveys were conducted for the weeks of Dec. 25 and Jan. 1.
Daily earnings for the vessels on the benchmark voyage to Asia from the Middle East fell 19 percent since the start of the year to $13,437, according to the Baltic Exchange, the London- based publisher of shipping costs. Each VLCC can hold about 2 million barrels of crude.
The exchange’s assessments don’t reflect owners cutting speed to save fuel, their biggest expense. The cost of ship fuel, known as bunkers, fell 0.5 percent to $625.39 a metric ton yesterday, data compiled by Bloomberg from 25 ports showed. Last year’s average of $658.54 was more than double the price for 2008, according to the figures.
By David Shepardson WASHINGTON, March 3 (Reuters) – The U.S. Justice Department declined to investigate or prosecute then-Transportation Secretary Elaine Chao after the inspector general’s office referred allegations of potential...
By Vera Eckert (Reuters) – Container shipping firm Hapag-Lloyd said surging demand for bulky goods like exercise equipment from locked-down consumers may flatten out in the second or early third quarter,...
By Jacob Gronholt-Pedersen (Reuters) – Shipping group Maersk ($AMKBY) said on Wednesday it would accelerate plans to decarbonize sea-borne container shipping by putting the world’s first vessel powered by carbon-neutral...
February 17, 2021
Total Views: 1931
Sign Up Now for gCaptain Daily
Just enter your email and get hot news every morning
We use cookies on our website to give you the most relevant experience. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.