The Baltic Exchange has added quarterly assessments of the cost of operating crude oil carrying Aframax tankers and clean product carrying Medium Range (MR) tankers to its growing suite of shipping investor tools.The new service is based on…
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.Dozens of oil tanker vessels…
Nakilat announced financial results for the first quarter ended March 31, 2020 with a net profit of $76 million compared to $64 million during the same period in 2019, with an increase of 18%.Despite the ongoing challenges of the global pandemic…
More than 20 vessels loaded with fuel have waited a week or more to discharge gasoline, jet fuel, diesel and liquefied petroleum gas at Mexico's ports, according to Refinitiv Eikon data, as demand craters due to coronavirus-related lockdowns…
The tanker Maran Gas Vergina has arrived in China with the first delivery of U.S. liquefied natural gas (LNG) in 13 months, shipping data showed on Monday.This is the first shipment since March 2019 after a long-standing trade war in which China…
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.Organization…
Singapore oil trader Hin Leong held a call with banks on Tuesday after they failed to provide a letter of credit to the firm to purchase at least one cargo of oil products due to load this month, four sources said.The coronavirus pandemic has…
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said…
The new coronavirus caused barely a blip in China's imports of major commodities, but this likely underscores the ways China differs from the rest of the world, rather than providing a template for the globe's recovery from the pandemic.China's crude oil imports in March…
Singapore-based manager Norstar Ship Management (NSM) has appointed Lars Grünitz as its new Managing Director, replacing Christopher Kirton.Grünitz was most recently Head of Vessel Management and Process improvement for Berge Bulk and was previously Managing Director for Thome Ship Management…
The coronavirus outbreak has affected all aspects of the shipping industry, lowering, if not wiping out, demand growth prospects for the year across all segments. The outbreak has also affected fleet development, says shipping association BIMCO…
Malaysian shipowner AET said it signed a deal with Total's Chartering and Shipping Services SA for the time charter of two liquefied natural gas (LNG) dual-fuel very large crude carriers (VLCC). The two newbuilds, which are able to carry about 300…
The U.S. government said on Monday it has not yet received requests to waive a 100-year-old law on shipping goods between domestic ports, despite some interested parties who say temporarily lifting the regulation would help energy companies hurt by the oil price plunge…
If one ever needed proof that, no matter how dire the situation, there is always a silver lining, look no further than the crude tanker market, which has seen it day rates skyrocket in the face of a global pandemic that has effectively ground world commerce to a crawl…
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp…
