General Tanker News

Dec 2, 2000
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From Gulf News:

June VLCC rates climb as market bottoms out
quote:

By Graeme Northfleet, Special to Gulf News



Dubai: The VLCC market appears to have bottomed out, confounding the gloom and doom merchants.

The rates are climbing slowly for June cargoes. For Arabian Gulf/US Gulf cargoes, the rates ended at about one Worldscale point down at WS60 as evidenced by KPC's fixture of the Overseas Crown for 280,000 tonnes of cargo.

For UKCont discharges, the rates regained their level and finished last week at WS65 when unnamed charterers fixed a Japanese re-let for 275,000 tonnes at WS66. For voyages to the East, Korean cargoes were fixed at just under WS82.5 with Japanese cargoes at about WS85.
Story at http://www.gulfnews.com/business/Shipping/10123375.html

Comment: Lots of factors effect the price you pay at the pump for a tankful of petrol. It's not just the bare bones price per barral, it's also how much it costs to get it to market!
 
Dec 2, 2000
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From CNNMoney:

Exxon denied smaller damages in Valdez case
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SAN FRANCISCO (Reuters) -- A U.S. appeals court declined Wednesday to reconsider its decision to make Exxon Mobil Corp. pay $2.5 billion in punitive damages for the 1989 Exxon Valdez oil spill.

The punitive damages ruling against Exxon (Charts, Fortune 500) - originally $5 billion in 1994 - has been the subject of a long legal battle between the oil company and 32,000 fishermen, Alaska natives and property owners who were awarded the damages.
Story at http://money.cnn.com/2007/05/23/news/companies/exxon.reut/index.htm?postversion=2007052316
 
Dec 2, 2000
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From BYM Marine & Maritime News:

USA. AHL to build First Jones Act Tankers using common rules for Shell Trading
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AHL Shipping Company (AHL) has announced plans to build three, shallow-draft, 49,000 deadweight ton (DWT) Jones Act- and OPA90 (Oil Pollution Act of 1990)- compliant tankers in connection with a charter agreement with Shell Trading (US) Company (Shell Trading).

The vessels will be the first Jones Act tankers to be constructed under the common structural rules adopted by the International Association of Classification Societies, which came into effect in April 2006. They also will be the first vessels of this size to be built in the U.S. using the modular construction concept. The vessels will go on long-term time charter to Shell Trading in 2009/2010.
Story at http://www.bymnews.com/news/newsDetails.php?id=11398
 
Dec 2, 2000
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British Petroleum Press Release:

BP Takes Delivery of World's Largest LNG Carrier
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BP Shipping took delivery this week of the British Emerald, the world’s largest liquefied natural gas carrier (LNGC), the first in a series of dual-fuel diesel-electric gas ships. Built by Hyundai Heavy Industries in Ulsan, Korea, at 155,000 cubic metres she is the largest LNGC to date.
Story at http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7034669
 
Dec 2, 2000
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From the American Bureau of Shipping:

ABS Classes First CSR Tankers Built In The U.S.
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(Houston, TX---) International classification society ABS confirmed it will class the first common structural rules (CSR) tankers built in the United States. Three, shallow-draft 49,000 dwt Jones Act product tankers built for Texas-based AHL Shipping Company are currently under review by the society.

ABS is most familiar with the tanker design having been involved since 2004 when it applied its proprietary SafeHull analysis to the initial design. SafeHull is a dynamic-based ship design evaluation system founded on engineering first principles.
More at http://www.eagle.org/news/press/jul16-2007.html
 
Dec 2, 2000
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From The Shipping Times:

Astonishing build time for launched LPG tanker
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Hyundai Heavy Industries Co., Ltd. (HHI) recently launched an 82,000§© LPG carrier for Norwegian company Bergesen. (Now styled BW Gas)

This is the first LPG carrier built on the ground at HHI, rather than what is the more conventional method these days, in a dry dock. HHI has so far completed 16 crude oil carriers using the on-ground shipbuilding method since June, 2004.
More at http://www.shippingtimes.co.uk/item786_lpg.htm
 
Dec 2, 2000
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From TickerTech.com:

Construction of Aker American Shipping Product Tanker Series Accelerates as Benchmarks Achieved on Two Vessels
quote:

Third tanker launched; start of production initiated on sixth vessel in build program


PHILADELPHIA, Aug. 27 /PRNewswire-USNewswire/ -- With two tanker vessels already delivered on charter and in service to Overseas Shipholding Group, Inc. (OSG), Aker Philadelphia Shipyard, Inc. (APSI) has achieved major milestones on two subsequent vessels in the build program. The third product tanker in the series, Hull 007, has been floated from its berth in the yard's Building Dock, and steel cutting has been initiated for Hull 010, the sixth vessel in the series, marking start of production on that ship.
Full story at http://www.tickertech.com/cgi/?a=news&ticker=a&w=&story=200708200708271304PR_NEWS_USPR_____DC02064
 
Dec 2, 2000
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From CNEWS.com:

Ottawa to consider regulations banning U.S.-bound tankers from N.B. waterway
quote:

ST. ANDREWS, N.B. (CP) - Federal politicians say Canada is considering regulations to ban liquefied natural gas supertankers from a sensitive waterway in the Bay of Fundy, risking renewed territorial tensions with the United States.

Maxime Bernier, Canada's new minister of foreign affairs, assured a citizens' group on Sunday that Canada is strongly opposed to the prospect of LNG supertankers navigating the treacherous waters that lead into Passamaquoddy Bay between Maine and New Brunswick.
For the rest, go to http://cnews.canoe.ca/CNEWS/Canada/2007/09/09/4482367-cp.html
 
Dec 2, 2000
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Dec 2, 2000
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From the Hellenic Shipping News:

Asian Product Tanker Rates May Fall on Holidays, Ship Supply
quote:

Asian rates for long-range oil- product tanker rates may fall for a fifth week as bookings slow because of holidays and the supply of ships outpaces cargo available for loading. The cost of transporting 75,000 metric tons from the Persian Gulf to Japan fell 4.4 percent to Worldscale 140.84 last week, according to the London-based Baltic Exchange.
Full story at http://www.hellenicshippingnews.com/index.php?mod=article&cat=nwsinternational&article=2636
 
Dec 2, 2000
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From The Hellenic Shipping News:

Tankers' Tide May Be Ebbing
quote:

Crude tanker spot rates in the third quarter were at levels not seen since 2003. For the third quarter, we estimate average spot rates at $30,000 per day for very large crude carriers (VLCCs), $21,000 per day for Suezmaxes, and $22,000 per day for Aframaxes.The trailing eight-year third-quarter average spot rate per vessel class is $46,000 per day for VLCCs, $35,000 per day for Suezmaxes, and $28,000 per day for Aframaxes.Seasonal summer lull is nothing new - however, the length and severity was greater than we expected.
For more, go to http://www.hellenicshippingnews.com/index.php?mod=article&cat=Stock&article=2751

Comment: More economics, but something to think about if you think OPEC sets the price.

They don't.
 
Dec 2, 2000
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From The Hellenic Shipping News:

Oil Product Tanker Rate May Drop Next Week on Asia Holiday Lull
quote:

Asian oil-product tanker rates may extend declines next week on a dearth of cargoes amid holidays in the region, leaving more ships seeking freight.
The cost of transporting 75,000 metric tons from the Persian Gulf to Japan fell 1.7 percent to Worldscale 133.13 yesterday, the lowest since July 5, according to the London- based Baltic Exchange. The rate has dropped the past four weeks.
Story at http://www.hellenicshippingnews.com/index.php?mod=article&cat=nwsinternational&article=2833

Comment: But will it drop? Predictions are interesting but the reality in the oil market for the past few years has often been very different.
 
Dec 2, 2000
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From The Hellenic Shipping News:

Persian Gulf Tanker Rates May Fall as Chinese Demand Stagnates
quote:


The cost of shipping Middle East crude to Asia, the world's busiest market for supertankers, may fall for a fourth day as holidays in China curb demand.''We are not going to see any increase,'' Nikos Varvaropoulos, a tanker broker for Optima Shipbrokers in Athens, said in an e-mailed note. Bookings are ''quiet'' because of Chinese national holidays from Oct. 1 to Oct. 5.
For the rest, go to http://www.hellenicshippingnews.com/index.php?mod=article&cat=nwsinternational&article=2956

From the same source, a really interesting development at http://www.hellenicshippingnews.com/index.php?mod=article&cat=Energynews&article=2977
 
Dec 2, 2000
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From The Hellenic Shipping News:

Persian Gulf Oil-Tanker Rates May Slip on OPEC Output Concern
quote:

The cost of shipping Middle East crude to Asia, the world's busiest market for supertankers, may fall for a sixth day, a sign some shipowners believe OPEC will renege on a pledge to boost crude oil production next month.OPEC could export ''fewer cargoes'' because U.S. crude oil stockpiles are ''higher than we expected,'' said Tim Coffin, head of research at London-based Capital Shipbrokers Ltd. With tanker supply outnumbering cargo demand, some owners may not be prepared to risk waiting, he added.
For the rest, see http://www.hellenicshippingnews.com/index.php?mod=article&cat=nwsinternational&article=3050

Comment: This source appears to be an outstanding source for news concerning tankers. Not just the ships themselves but the economics of the game.
 
Dec 2, 2000
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OSG press release:

OSG First to Enter U.S. Flag Shuttle Tanker Trade
quote:

NEW YORK--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, announced today it has signed a definitive agreement to charter two 46,000 dwt Jones Act tankers to Petrobras America, Inc. (Petrobras), marking the first U.S. Flag shuttle tankers to transport oil from ultra-deepwater drilling projects in the U.S. Gulf of Mexico. Petrobras America, Inc. is a unit of Petroleo Brasileiro S.A. (NYSE: PBR/PBRA), the 12th largest oil company in the world.
Full release at This Hotlink
 
Dec 2, 2000
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From The Financial Times:

Supertankers 'no risk' to Bay of Fundy
quote:

WASHINGTON - Proponents of a controversial liquefied natural gas plant in Maine say a study ordered by the Canadian government has found there is no reason to ban supertankers from the Bay of Fundy, as Ottawa has threatened to do if the U.S. approves the project.

Downeast LNG said the environmental study found there were no immediate risks of having LNG supertankers go through the Bay of Fundy, part of which is split by the New Brunswick-Maine border, to the proposed plant.
For the rest, click on This Hotlink