The cost of shipping oil on the largest tankers fell this week from record highs as demand eased following a wave of attacks on vessels in the Middle East and as the US considered easing sanctions on the so-called shadow fleet.Freight rates for supertankers, also known as very large crude carriers (VLCCs), carrying oil from the Gulf of Oman to China fell to about 776 on the Worldscale basis, according to Baltic Exchange data…
The jump to record highs in the cost of shipping oil in supertankers is squeezing profit margins for Asian oil refiners, who are heavily dependent on Middle Eastern crude, the International Energy Agency said in a monthly report.Asian oil refiners…
The cost of insuring an oil tanker loaded from Saudi Arabia's main Red Sea port has tripled in recent weeks, industry sources told Reuters, adding to the major crude producer's struggles to find a viable channel for its exports.Saudi Arabia…
Lloyd's Register (LR) and the Marine Design and Research Institute of China (MARIC) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia…
A drone caused the fire that engulfed two gas vessels at Egypt's Mediterranean port of Damietta, the Egyptian cabinet said on Thursday, confirming that the blaze which erupted a day earlier was the result of an attack rather than an accident…
Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources…
Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.Under the U.S.-supported government of interim President Delcy Rodriguez…
'The Strait of Hormuz has been effectively closed for three months, trapping hundreds of ships and thousands of seafarers in the Persian Gulf while significantly reducing global seaborne tanker volumes,” says Niels Rasmusssen, Chief Shipping Analyst at BIMCO…
India's shipping ministry has granted special permission to four vessels carrying Iranian oil - as requested by Reliance Industries - to berth at the western Indian port of Sikka, three industry sources said.India's oil ministry, shipping ministry…
An oil tanker loaded with Iraqi crude passed through the Strait of Hormuz close to the Iranian coast, a day after Iran said Iraq was exempt from any restrictions to transit the vital sea route, data from LSEG and Kpler showed.The Ocean Thunder…
A Russia-flagged tanker carrying some 700,000 barrels of crude arrived in Cuba's Matanzas Bay at daybreak on Tuesday, according to a Reuters witness and shipping data, marking the first significant oil delivery since the Trump administration cut off the island's fuel supply…
Iran attacked a fully-loaded crude oil tanker at Dubai Port's anchorage on Monday, setting it ablaze and damaging its hull, Kuwait's state news agency reported, citing Kuwait Petroleum Corp, which warned of a possible oil spill.The apparent…
A tanker carrying fuel originally bound for Cuba on Friday changed its destination to Trinidad and Tobago, according to LSEG ship-tracking data, a blow for the island amid a severe fuel scarcity that has triggered power blackouts.The Hong Kong…
The Trump administration is considering waiving the century-old Jones Act for a limited period to ensure energy and agricultural shipments can move freely between U.S. ports, press secretary Karoline Leavitt said on Thursday, in a bid to combat Iran-related supply disruptions…
At least five tankers laden with crude oil have left Iranian ports since U.S.-led airstrikes on Iran began on February 28, with liquefied petroleum gas supplies also moving on Friday, according to ship trackers and traders.The Gulf region's…
