Reuters SINGAPORE – Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week – higher insurance bills. According to industry sources, payments known as war risk premiums for
Wall Street Journal The U.S. blacklisting of the Cosco tankers set tanker freight rates on fire, but maritime fundamentals will keep prices high Crude oil exporters and users probably should get used to high shipping costs. The freight-rate roller coaster that was triggered by geopolitical events in September may have leveled off, but fundamentals in the shipping industry are only
Source: Houston Chronicle Oil refiners hoping for some fourth-quarter gravy are facing disappointment as surging freight rates inflate the cost of buying crude. U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this year’s average. That’s slashing the margins
From Reuters The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in
From gCaptain/Reuters German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by Reuters and sources close to the decision. PDVSA has struggled for years to pay its bills due to falling crude output
From Bloomberg It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news. While both those things happened in the past few months, the people paid to evaluate the shipping industry’s
Pin Oak Acquires Expansion Land In Corpus Christi
From Reuters * Half-dozen tankers sit offshore Singapore with unsold LNG * Mild winter weather expected for Japan * Meteorologists expect return of El Nino weather * Japan has restarted seven nuclear power reactors SINGAPORE, Oct 25 (Reuters) – A fleet of half a dozen tankers carrying unsold liquefied natural gas (LNG) has been floating in Singapore and Malaysian waters
From Hellenic Shipping News The single biggest stumbling block which is hindering the crude tanker market’s recovery and is bound to continue doing so, is the excess supply of ships, a trend which isn’t going away anytime soon. In its latest weekly report, shipbroker Intermodal said that “crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m
Shipping choke points could be security threat The EIA estimates that approximately 61% of the total world petroleum supply—or 58.9 million BOPD—travelled in maritime tankers. The oil in these tankers represents nearly 28% of the world’s shipping in weight alone. The EIA defines oil chokepoints as narrow channels along widely used global sea routes. Some of these points are so
Teekay purchases 12 Suezmax tankers Teekay Tankers Ltd. (ticker: TNK) announced yesterday that the company purchased 12 Suezmax tankers from Principal Maritime for $662 million. The purchase will increase Teekay’s fleet size by 60%, and be immediately accretive to the company’s earnings, according to the press release put out by Teekay. The purchase will make Teekay one of the largest
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