Asia Tankers-VLCC Rates Supported by Floating Storage
Trafigura hires five VLCCs to store oil; short-term storage a profitable play. Freight rates for very large crude carriers (VLCCs) could creep higher as more ships are chartered for floating storage and crude oil shipments increase ahead of the northern winter, brokers said. "There might be a slow creep up towards 60 (on the Worldscale measure)…
Traders Charter LR2's fo Temporary Gasoil Storage
About 6-8 LR2s being used to store gasoil; traders likely capitalising on gasoil contango. Traders are temporarily storing gasoil on vessels in the waters off Singapore as they anticipate demand for the fuel to go up in the coming months, industry sources said on Thursday. About six to eight long-range (LR) Aframax-sized vessels which can carry up to 115…
VLCC Rates to Hold Firm as Owners Await MidEast Cargoes
Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday. "The market is taking a bit of a breather. The market is waiting for Saudi Arabian cargoes…