Uni-Tankers will hunt for acquisitions in 2021 USTC-owned Unit-Tankers will lead the charge in a needed consolidation of small and medium-sized players in the tanker market. Crude oil production cuts from OPEC and partner countries (OPEC+), which started in May 2020, decreased the demand for crude oil shipping and floating storage. A planned large-scale US-based methanol facility, which has tanker operator Hafnia as a co-investor, has been rejected by environmental authorities. EIA recently published a more detailed discussion of tanker storage rates in This Week in Petroleum. Everyone will be watching to see when the coronavirus vaccines start to really have an effect. In the October STEO, EIA forecasts that global petroleum liquids consumption through 2021 will remain lower than 2019 levels. The record-high rates in the LPG are set to slide, projects Clarksons Platou. Except for a brief increase in tanker rates in October 2019 as a result of U.S. sanctions on Chinese shipping firm COSCO (China Ocean Shipping Company), the price in mid-March 2020 was the highest since at least 2000. All the latest news on the tanker sector, crude, product and chemical tankers, LNG and LPG carriers, freight rates and fleet developments. Kristian Sørensen, CEO of shipbroker Fearnleys, switches to Avance Gas, which is controlled by Norwegian shipowner John Fredriksen. Future demand for petroleum products remains highly uncertain as COVID-19 infection rates rise in a number of countries. The company has also received commitments on a USD 21 million loan to refinance debt. An unprecedented shortage of LNG tankers made charter rates last week soar to the highest level ever seen for a ship to ferry commodities. He says that upwards of 80 percent of stock listed shipping companies are "pure fraud". Independent market information for the dry, tanker, gas and asset markets. A mine was found on a tanker ship off the coast of Iraq. Daily dry bulk fixtures and a historical database of transactions. Charles R. Weber covers everything from tanker voyage charter, bareboat, and time charter to sale and purchase of all vessel types and projects in a multitude of marine sectors. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. A network of oil trading firms have now been sanctioned because it, according to the US authorities, has helped state-owned Venezuelan oil company PDVSA selling oil worth hundreds of millions of dollars. Tanker operator Alba Tankers, which was created out of OW Bunker's dramatic collapse, has added millions of dollars to its bottom line, shows annual report. As onshore inventories increased, market participants turned to using oil tankers to store oil, which is typically more expensive than onshore storage. NAT shares gained 110% in 2H19, and have started 2020 with a … Come test out some of the products still in development and let us know what you think! With rates climbing over $70,000 per day for Suezmax ships, the tanker industry is experiencing a true boom. One of the reasons rates were so low in 2018 -- which had Teekay, Nordic American, Frontline, and Scorpio Tankers all reporting losses -- was an oversupply in the tanker market. Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources. Tanker operator Ultraship will digitalize its route planning and monitoring processes with an agreement with Wärtsilä to make its operations more efficient and to cut costs for the company's 18 LPG tanker vessels. Fixtures. Baltic data underpins a flourishing freight derivatives market. Tanker companies reporting this week did indeed announce heightened charter coverage, as would be expected given record spot rates over recent months. Rates in the tanker market tumbled recently because producers have been withholding millions of barrels of supply to counteract a collapse in demand that … Robert Uggla's personal company a few days ago took over ownership of close to one-fifth of Maersk Tankers, which has till now been owned 100 percent by the family's APM Holding. In 2020, Odfjell likely surpassed one billion dollars in revenue and doubled its operating result to USD 125-130 million. ShippingWatch provides an overview. Maps by energy source and topic, includes forecast maps. In March and April 2020, reduced demand for crude oil and petroleum products in response to COVID-19 mitigation efforts led to a sharp increase in global crude oil inventories. Norwegian shipping magnate Arne Fredly, who controls Hunter Group, among other businesses, calls it a "sad story" to be an equity investor in the shipping industry. ... who pointed out that tanker rates often soften in Q1. Maps, tools, and resources related to energy disruptions and infrastructure. Crude oil exports from the US were supposed to drive the tanker market in 2020, but the end-result became something entirely different. A significant portion of the estimated global stock build that occurred between March and July was the rising volumes of crude oil in floating storage. Tags: Spot rates for crude tankers are expected to be negatively impacted later this year and into 2021, though tanker supply fundamentals can offer a positive counterbalance, according to Teekay Tankers. Estimates from ClipperData indicate that global crude oil floating storage increased this year from 66 million barrels on March 1 to 222 million barrels on July 9. Short-term, Q1 is set to deliver solid rates, which means anything above $40,000 a day,” Sand told Splash today. U.S. Euronav has stockpiled 3m barrels of low sulphur fuel oil, giving it room to delay retrofits. In an unusual year characterized by the coronavirus pandemic, other big stories were the red-hot container market, Søren Toft's start at MSC and a large-scale reorganization at Maersk. This is one among several reasons why the market, according to brokerage Simpson Spence Young, faces a challenging year in 2021. Maersk Tankers saw a 28 percent improvement in pool partnership last year. Tanker charter rates for VLCC's moved lower this week and there was no change in rates for the other size groups - mostly below operating costs. Find out more. This applies to Frontline, Hunter Group and Nordic American Tankers, Cleaves Securities tells E24. ... That’s down from a ceiling of 3.5% in most parts of the world today. ClipperData’s estimates of crude oil in floating storage include tankers that were loaded at a crude oil export facility and have been anchored or have been drifting slowly for at least seven days in an offshore area where idle ships tend to congregate. Hafnia was set to transport some of the product to Asia. The world's largest product tanker operator, Scorpio Tankers, expects significant growth this year in the demand for refined oil products. According to a security firm, it is unknown whether the mine was active, but the incident is the latest in line of tanker vessels being hit by similar events in the Red Sea. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. Analyst is skeptical. Tanker rates from the Arabian Gulf to Japan, one of the key global tanker routes, spiked in mid-March 2020 and remained elevated through mid-May. Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, State Energy Data System: Motor gasoline, aviation gasoline, and fuel ethanol through 2019, State Energy Portal: Updated Analyses and Quick Facts, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, Crude oil tanker rates are likely to remain low until global petroleum demand increases, U.S. sanctions on Chinese shipping firm COSCO. Uranium fuel, nuclear reactors, generation, spent fuel. Teekay has developed from a regional shipping company into one of the world’s largest marine energy transportation, storage & production companies. In recent years, the shipping company has bought new ships and increased its workforce by almost 100 people, executives tell ShippingWatch. Oil tanker rates are crashing as a pact to limit global crude production begins. "We have an optimistic view of the chemical tanker market in 2021, but we're not naive," CEO Kristian V. Mørch tells ShippingWatch. Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a … Try ShippingWatch or get an offer for a subscription meeting the exact needs of you or your company. Greenhouse gas data, voluntary reporting, electric power plant emissions. Suezmax owners’ earnings have surged by more than 350% on average worldwide since the beginning of September. The rates recently peaked at USD 110,000 per day, but now a series of factors will pull them down, says the firm. Sellers include Norwegian investor Tor Olav Trøim. Reports requested by congress or otherwise deemed important. With our broad and diverse global partnerships is able to develop marine transportation solutions, whatever their size or complexity, from conception to completion. Sign up for email subcriptions to receive messages about specific EIA products. International energy information, including overviews, rankings, data, and analyses. Iran says South Korea should avoid politicizing the case concerning the seizure of a South Korean tanker and demands that frozen Iranian oil funds be released, writes Reuters. Regional energy information including dashboards, maps, data, and analyses. Large dry bulk ships have in the past month seen earnings grow, surpassing more than USD 25,000 per day per ship. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. Infrastructure company buys tanker operator Golar LNG Partners and gas company Hygo in billion dollar deal. Cratering crude-tanker rates are now well below both breakeven levels and where they normally are at this time of year. The daily rate for chartering an oil tanker from Saudi Arabia to China has plunged by over 50 percent in one week to $100,000 as OPEC+ begins on … With new coronavirus lockdowns and output cuts at OPEC+, the next six months could take a toll on tanker operators' earnings. Iran has seized a South Korean-flagged tanker, used to carry oil products and chemicals, in its territorial waters, citing "repeated violations of marine environmental laws.". Maersk Product Tankers sells tanker vessel "Maersk Pelican", the world's first tanker to be equipped with rotor sails in 2018 to reduce fuel consumption and CO2 emissions. Includes hydropower, solar, wind, geothermal, biomass and ethanol. With the Sohmen-Pao family's BW Group as new majority owner, the shipping company gets completely new financial opportunities than is the case today. 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