Suezmaxes

Crude Oil Tonne Miles Out Of The Gulf of Guinea Down By 5.9%

  • Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmaxes.
  • A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles.

A recent news article published in the BIMCO states that crude oil tonne miles out of the Gulf of Guinea down 5.9% so far in 2022.

Gulf of Guinea exports

A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s...

https://mfame.guru/crude-oil-tonne-miles-out-of-the-gulf-of-guinea-down-by-5-9/

Western Low Sulfur Arbitrage Volumes Could Near 3mil mt In April

April arrival volume was more or less steady, or a touch higher, than around 2.8 million mt or so of product that is expected to land in Singapore for March, traders added, reports S&P Global.

Low sulfur marine fuel

“There’s a little bit of slippage from March arrival into April, not more than 200,000 mt; other than that, the rest of the volumes are entirely slated for April-arrival,” said a trader based here.

Expected Western arbitrage volumes for April, like for March, in itself, would more or...

https://mfame.guru/western-low-sulfur-arbitrage-volumes-could-near-3mil-mt-in-april/

10% of the Global VLCC Fleet Bunker Consumption To Reduce!

According to price reporting agency Argus Media, VLCC tanker bookings since March with the option to store oil has reached 71, reports Ship & Bunker.

Oversupply in crude markets 

The number of VLCC tankers booked since March with the option to store oil has reached 71, as the current oversupply in crude markets fills land-based storage.

Argus reported, the 71 VLCCs are in addition to at least 31 Suezmaxes and 23 Aframaxes booked on similar terms.

VLCCs as floating storage

Apart from its...

http://mfame.guru/10-of-the-global-vlcc-fleet-bunker-consumption-to-reduce/

Okeanis Eco Tankers Corp Earn Option To Acquire Two Suezmax New Buildings

Okeanis Eco Tankers Corp. has been granted an option by the Company’s Chairman (the “Sponsor”) to acquire two Suezmax newbuilding vessels to be constructed at Hyundai Heavy Industries delivering in Q3 2020, says an article published in Seanews.

Option vessels at sponsor’s acquisition price

The Option secures a right for the Company, at no cost, to acquire the Option Vessels at the Sponsor’s acquisition price.

The Option was given by the Sponsor following a unanimous decision by the board of the...

http://mfame.guru/okeanis-eco-tankers-corp-earn-option-to-acquire-two-suezmax-new-buildings/