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Tanker depression pushes owners to idle vessels

Lloyd’s List Intelligence data shows that at least 39 unladen VLCCs are at anchor off the southeastern coast of Malaysia and the Strait of Malacca. Not all are being idled, but more owners are expected to go down that path to reduce the bleeding should the dreadful market conditions continue

International Tankers and Gas Ship operations
Crude Tankers

Tanker earnings to remain under pressure well into 2022

Any increase in oil demand will be met by rising supplies as stock depletes, which will be positive for the tanker market as it expands seaborne volumes boosting tonnage demand

International Tankers and Gas

Global oil demand to reach pre-pandemic levels in early 2022

Orders are forecast to rise to 100m barrels per day by the end of the year or in the first quarter of next year

International Tankers and Gas

Tanker futures show freight rate rally on hold

Fourth quarter of the year contract valued at 18% higher than loss-making spot rate on key crude export route

International Tankers and Gas

Tanker market may gain from LNG’s price pain

If oil demand continues to find support from firm gas prices, tanker owners can expect to benefit from increased oil trade, be it greater high-sulphur fuel oil trade, higher refining run rates or a boost in the Opec-plus group’s output, analyst says

Tankers and Gas Freight rates
Product Tankers

China and US ‘lead tanker market turnaround’

Hafnia and Evercore have cited the drawdown of the land-based surplus of crude and products as positive for tanker markets

International China

Hafnia gets $374m sustainability-linked loan

The product tanker owner agrees with 10 banks on its first ever syndicated sustainability-linked financing deal. Its fleet’s emissions performance will affect future margin adjustments

Products Finance

Vessels sell-off lifts Maersk Product Tankers to record profit

How quickly and effectively coronavirus vaccine is rolled out globally will determine timing of the rebalancing oil tanker market, company says

International Maersk Group

Texas winter freeze lifts product tanker rates

‘This is a significant impact to one of the world’s largest concentrations of olefins capacities, just under 20% of the global total, and tops recent disruption seen in August 2020 from Hurricane Laura,’  WoodMac’s analyst says 

International Tankers and Gas

Cosco Shipping unit makes debut in newbuild market

The two vessels are the first order that the Cosco Shipping unit has placed since it was established in 2019, which will add to its existing six-ship fleet

Asia Pacific Tankers and Gas

Delays at Panama Canal to increase VLGC demand by 12%

Poten’s LPG consultant Shantanu Bhushan estimates that liquefied petroleum gas exports from the US may require around 163 VLGCs this year due to the current waiting period in the canal, which is up 12% as compared with the previous year

International Tankers and Gas

Kawasaki secures dual-fuel VLGC from Eneos Ocean

According to the Japanese shipyard, the advantage of this dual-purpose vessel is its capability to simultaneously carry LPG, which is already used as a low-carbon energy source, and liquefied ammonia, a new fuel contributing to the establishment of a decarbonised society

Japan Tankers and Gas

Hurricane Ida impact disrupts US tanker movements

A number of ports, from New Orleans, Mobile, Baton Rouge, Pascagoula to Mississippi, remain closed until further notice

Tankers and Gas LNG

LNG carrier spot rates poised for surge as market tightens

Owing to high spot LNG prices, importers in Asia now intend to shun buying LNG at spot rates. They will shift shift their buying strategy to that of securing long-term deals, an approach that was going out of fashion among buyers for providing less flexibility

Tankers and Gas Freight rates

LNG carrier rates skyrocket amid energy demand surge

All routes are above $100,000 per day, according to the Baltic Exchange. The biggest gain has come from the Australia-Japan voyage, which is edging closer to the $200,000 mark

Tankers and Gas LNG

Sovcomflot signs multi-LNG carrier deal with Novatek

The newly ordered gas carriers will meet all the current environmental requirements and will be compliant with the most stringent IMO rules 

NYK Sovcomflot

Daily Briefing October 4 2021

Venezuela expands deceptive shipping practices to bolster Asia crude exports | The BDI: Back to 2008, but in a good way | Do the economics of carrying boxes on bulkers stack up?

Daily Briefing International