crude tanker

Red Sea conflict worsens, forcing more ship detours around Africa

U.S. and U.K. airstrikes on Houthi positions in Yemen have not made the Red Sea any safer for shipping. “Red Sea issues are getting worse, not better,” said Stifel shipping analyst Ben Nolan.

The dry bulk carrier Gibraltar Eagle, owned by Connecticut-based Eagle Bulk (NYSE: EGLE), was struck by an anti-ship ballistic missile in the Gulf of Aden on Monday. The dry bulk carrier Zografia, owned by Greece’s Thenamaris, was hit by a missile in the southern Red Sea on Tuesday.

Energy shipper Shell...

https://www.freightwaves.com/news/red-sea-conflict-worsens-forcing-more-ship-detours-around-africa

Red Sea fallout much greater for containers than tankers, bulkers

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Tuesday’s announcement of Operation Prosperity Guardian, a joint military operation to protect...

https://www.freightwaves.com/news/red-sea-fallout-much-greater-for-containers-than-tankers-bulkers

Red Sea chaos should boost tanker and container shipping rates

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The number of shipping companies refusing to risk Red Sea transits is growing by the day. The waters...

https://www.freightwaves.com/news/red-sea-chaos-could-boost-tanker-and-container-shipping-rates

America’s energy boom: Crude exports soar to record high

a chart of US crude exports

As diplomats convene at the United Nations’ COP 28 climate change summit, fossil fuel production and consumption are hitting new highs, and tanker owners are in prime position to profit from rising trade flows.

The Biden administration is a leading proponent of decarbonization, yet the U.S. is pumping out record volumes of hydrocarbons. America is on track to be the world’s largest producer and exporter of natural gas this year, as well as the leading exporter of refined products and liquefied...

https://www.freightwaves.com/news/americas-energy-boom-crude-exports-soar-to-record-high

Second 24,000 DWT Crude Tanker Delivered to Nanjing Tanker

Credit: Rian Daud7/Pexels

The christening and delivery ceremony took place on May 16 for the crude tanker named “CHANG XIANG ZHOU,” which was constructed by CSSC Wuchang Shipbuilding Industry for Nanjing Tanker, as reported by Xinde Marine. The ship, designed by MARIC, has a total length of 152.8m, a width of 27m, a depth of 13.7m, a structural draft of 9.5m, and a design speed of 12.8 knots. Both “CHANG XIANG ZHOU” and its sister ship “CHANG JI ZHOU,” which was previously delivered, belong to a...

https://mfame.guru/second-24000-dwt-crude-tanker-delivered-to-nanjing-tanker/

First Crude Cargo in A Week Docks at French Port

Credit: alexander-schimmeck-unsplash

A crude tanker has docked at the French Atlantic port of Le Havre for the first time in a week, raising hopes that the two refineries served by the terminal may get their hands on some feedstock to resume operations, reports Argus Media.

Crude tanker

Although dockers at Le Havre plan to remain on strike until 19:00 local time (17:00 GMT) on 30 March as part of wider protests against the government’s pension reforms, now in their fourth week, Argus tracking...

https://mfame.guru/first-crude-cargo-in-a-week-docks-at-french-port/

Al Seer Marine Acquires $90mln Gas Vessel

Credits: Thenamaris

The most recent acquisition is a part of the business’s ambitions to expand its crude and gas tanker fleet, as reported by Zawya.

New acquisition

Al Seer Marine has acquired its most recent gas vessel for AED331 million, according to a subsidiary of International Holding Company (IHC).

The most recent acquisition is a part of the business’s expansion plans in the dry bulk and petroleum and gas tanker transportation sectors.

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https://mfame.guru/al-seer-marine-acquires-90mln-gas-vessel/

Ship Blockage At The Suez Canal Disrupts Global Shipping

The overnight running aground of a mega container ship that has blocked maritime traffic on both sides of the Suez Canal is delaying ship movement and will disturb trade flows in the near term, reports S&P Global Platts.

The Suez Canal

Market participants are already reworking itineraries for commodities worth billions of dollars, which could involve significant demurrage costs, they told Platts.

The Suez Canal, located on Egypt, connects the Red Sea with the Mediterranean Sea and is a key...

https://mfame.guru/ship-blockage-at-the-suez-canal-disrupts-global-shipping/

Hyundai Heavy Industries Cancels $872.6m VLCC Construction Contract

The global VLCC orderbook has seen a sizeable chunk removed this week, reports Splash247.

The cancellation 

South Korea’s Hyundai Heavy Industries and sister yard Hyundai Samho Heavy Industries have cancelled 10 VLCC construction contracts worth KRW980bn ($871.6m) due to the unspecified Oceanian client’s failure to pay downpayments on time. The orders were placed in November last year, split 70:30 in Hyundai Heavy’s favour.

Removing 10 VLCCs from the global orderbook is significant. Prior to...

https://mfame.guru/hyundai-heavy-industries-cancels-872-6m-vlcc-construction-contract/

Crude Oil Production Cut Down Slows Down Tanker Recover To Second Half

According to a Freight Waves article written by their Senior Editor Greg Miller, Analysts have warned that the tanker recovery will be  a distant dream  as rates are unlikely to recover before the second half of the year over crude oil production cut down 

“It feels a bit like someone stole our clothes while we were enjoying a swim,” mused the analyst team at Fearnleys. They were quoting a political saying and referring to what just went down in the tanker market.

Saudi Crude Production Cut...

https://mfame.guru/crude-oil-production-cut-down-slows-down-tanker-recover-to-second-half/

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