supertankers

Supply Cuts Hit Oil Tanker Market Badly

  • Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels effectively subsidize cargo deliveries on the industry’s main trade route.
  • Supertankers delivering 2-million-barrel shipments of the kingdom’s oil to China are losing $736 a day for the privilege.
  • While owners might, in practice, be able to mitigate such losses by ordering captains to sail the vessels slower.
  • The reality is that some ships are losing money on Middle East-to-Asia deliveries.

https://mfame.guru/supply-cuts-hit-oil-tanker-market-badly/

Supertankers in China’s Plan To Drain Crude Oil Glut

  • China’s biggest refiner is eyeing a creative strategy to help rid Asia of a persistent diesel glut — brand new supertankers usually reserved for crude oil.
  • Unipec, the trading arm of China’s biggest oil refiner Sinopec Group, hired a newly-built very large crude carrier to load low-sulphur diesel in Asia for delivery to Europe.
  • The vessel ordinarily would have sailed empty from its shipyard in Northeast Asia to the Middle East or West Africa.
  • There it would pick up crude for the first time for...

https://mfame.guru/supertankers-in-chinas-plan-to-drain-crude-oil-glut/

World’s Top Oil Traders Charter Supertankers, Despite Oil Glut

  • The Leading oil traders across the world, charter dozens of supertankers for potentially storing oil at sea amid signs that demand recovery has stalled.
  • Trafigura charters 12 very large crude carriers (VLCC), which can collectively hold 24 million barrels of oil.
  • Vitol Group, Shell, and Lukoil book another 18 supertankers.
  • BP  books a supertanker to hold oil in floating storage offshore Malaysia.

Traders charter supertankers amidst signs of new oil glut, writes Tsvetana Paraskova for the Oil...

https://mfame.guru/worlds-top-oil-traders-charter-supertankers-despite-oil-glut/

Chinese Bound Crude Volume Fall Hints Faltering Demand

  • Tankers bound for the Asian country reduced highlighting buying weakness.
  • The Chinese bound crude volume plunged to its lowest level since early May.
  • The rise in global COVID-19 infections, and the world bracing for a second wave of the virus caused faltering demand.
  • The number of very large and ultra-large crude carriers bound for China is slumping.
  • China’s demand for oil seems to be slowing, with a slip in physical prices. 

The reduced number of tankers bound for the Asian country highlights...

https://mfame.guru/chinese-bound-crude-volume-fall-hints-faltering-demand/

Supertanker Rates Jumped To $180,000 Per Day As OPEC Opens Crude Taps

  • Tanker rates soaring as OPEC opens oil taps.
  • Major producers scrambled to secure vessels to ship more crude.
  • Buyers took advantage of plunging oil prices.
  • VLCC tanker rates along the busy Middle East Gulf to China route jumped to about $160,000-$180,000 per day.
  • 13 VLCC tankers booked to load crude oil from the Middle East to Asia.
  • Crude prices have fallen more than 50% from January highs.

The cost to transport oil on supertankers soared as major producers scrambled to secure vessels to ship...

http://mfame.guru/supertanker-rates-jumped-to-180000-per-day-as-opec-opens-crude-taps/

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