ShippingWatch

Oil supertankers fetch astronomical rates with vessels scarce

Oil outfits see a huge surge in tanker rates as fleet utilization approaches 100 percent, with analysts saying the market could "go higher" in the short run.

Photo: Hamad I Mohammed/Reuters/Ritzau Scanpix

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude.

Reliance Industries Ltd. booked the supertanker Princess Mary for more than $400,000 a day to haul crude from the Middle East to the west coast of India in early April, according to vessel pool Tankers International.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

IKEA sustainability manager: Green solutions should not cost more

As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.

Long Beach logjam of container vessels grows to 80

Bottlenecks at major US container ports in continue to grow, with the ports of Long Beach and Los Angeles being the worst hit at the moment. Here, 80 vessels are waiting to berth, according to new figures form Vessels Value.

Further reading

Related articles

Trial banner

Latest news

See all jobs