oil tankers

Oil tankers face new normal amid pandemic and decarbonization drive

Platts spot freight rates 2020

The global tanker shipping industry is likely to find a new normal in the medium term, with sales of second-hand ships taking center stage while orders for newbuilds slow down.

Meanwhile, existing tanker companies may become bigger as ships change hands, or they may form pools to enable better bargaining with charterers, while shying away from ordering new ships.

Uncertainties over how and when the coronavirus pandemic will end are partly behind the new approach, but so is the higher use of...

https://blogs.platts.com/2020/09/24/oil-tankers-coronavirus-decarbonization-freight/

9 World’s Largest and Enormous Ships Ever Built

  • Some of the largest ships in the world come in the form of oil tankers, cargo carriers, and cruise liners.
  • These mega machines are marvels of engineering and contribute to a hugepercent of the world’s transported goods, not to mention people.
  • The sheer sight of one of these supertankers up close makes one realize the true gravity of the manufacturing and design techniques involved in the construction process.
  • These monumental machines require massive propulsion systems.
  • Some diesel, some...

https://mfame.guru/9-worlds-largest-and-enormous-ships-ever-built/

Rush for Cheap Crude Overwhelms Ports With Cargo Influx

  • The cluster of oil tankers off China’s coast is growing and the vessels are waiting longer to offload their cargoes amid a lack of onshore storage space after a buying spree earlier this year.
  • The number of oil-laden tankers parked in Chinese waters has swelled since the start of the month with almost 200 ships expected over the course of June.
  • Crude imports surged to a record in May as demand rebounded after the easing of lockdown restrictions.
  • The congestion illustrates the explosion in...

https://mfame.guru/rush-for-cheap-crude-overwhelms-ports-with-cargo-influx/

COVID19 Physical Inspections Delay To Effect Oil Tankers Storage Capacity!

According to a Reuters report, Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage.

What is it?
  • Oil tankers require rigorous inspections twice a year to reduce the risk of oil spills or mechanical collapse with polluting cargoes onboard.
  • But the global pandemic has disrupted international trade, leaving...

https://mfame.guru/covid19-physical-inspections-delay-to-effect-oil-tankers-storage-capacity/

Consider COVID19 Delayed Newbuild on a Case-by-Case Basis: IMO

Tanker, Newbuilds

In a major development, the International Maritime Organization (IMO) has released guidance for cases when COVID-19 results in unforeseen delays in the delivery of newbuild bulk carriers and oil tankers originally scheduled to be delivered before 1 July 2020, says an article published in BIMCO.

The guidance is particularly relevant to shipbuilders, equipment suppliers, shipowners, surveyors and service engineers.

Why is it needed?

The epidemic of the coronavirus infection has to...

http://mfame.guru/imo-guidance-on-newbuild-delivery-delay-due-to-covid19/

Demand for Storage and Transport! Supertanker Freight Rates Double!

  • Oil tanker rates rise for a second time this month as the producers, refiners and traders scramble to secure ships to transport crude or store.
  • Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 up from some $125,000 last week.
  • Forward prices for VLCCs for the second quarter were trading at some $170,000 a day for the Middle East to China route.
  • The contango spread between May and November Brent crude futures hit...

http://mfame.guru/demand-for-storage-and-transport-supertanker-freight-rates-double/

300 Oil Tankers Shunned Due To U.S. Imposed Sanctions?

According to an article published in Reuters, nearly 300 oil tankers globally have been placed off-limits as companies fear to violate U.S. sanctions against Iran and Venezuela, driving freight rates to new highs.

300 oil tankers out of business

The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia.

“Freight rates are going through the roof...

http://mfame.guru/300-oil-tankers-shunned-due-to-u-s-imposed-sanctions/

Shell Charters Fleet Of Lower-Carbon LNG-Powered Oil Tankers

Red oil tanker

Shell Tankers (Singapore) Private Ltd has agreed a long-term deal to charter a fleet of 10 LNG dual-fuel Aframax crude oil tankers from Sinokor Petrochemical Co Ltd, which expects to take delivery of them from Samsung Heavy Industries in South Korea in 2021. Separately, Shell has agreed long-term charters for four new LNG dual-fuel oil products tankers, from institutional investors advised by J.P. Morgan Asset Management, with delivery of the vessels expected from 2021.

Representation Image –...

https://www.marineinsight.com/shipping-news/shell-charters-fleet-of-lower-carbon-lng-powered-oil-tankers/

Grace 1 is heading to Kalamata port(?) – Washington warns Athens

Greek authorities have not received notification that the Iranian oil tanker, which was seized by Britain for a month but was released from Gibraltar on Sunday (Aug. 18) night, was heading to Kalamata port in southern Greece, Greek media reported on Monday.

Athens is following the case closely and until the vessel reaches Greek waters on Aug. 25, as estimated, if she will not change course, there is plenty of time for consultations, sources from the Greek Shipping and Greek Foreign Affairs...

https://container-news.com/grace-1-heading-kalamata-port-washington-warns-athens/

Oil Spikes After API Reports Largest Crude Inventory Draw of the Year

  • Crude oil inventory draw 10.961 million barrels for the week ending July 18, compared to expectations of smaller but significant 4.011-million barrel draw.
  • The inventory draw this week compares to last week’s small draw of 1.401 million barrels.
  • Oil prices were trading up with continuing tensions over a series of oil tanker attacks and oil tanker seizures and shows market tolerance to tensions.
  • WTI was trading up by $0.57 (+1.01%) at $56.79, a dollar under last week’s price. 
  • Brent was trading...

http://mfame.guru/oil-spikes-after-api-reports-largest-crude-inventory-draw-of-the-year/

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