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Worldscale was established in November 1952 by London Tanker Brokers' Panel on the request of British Petroleum and Shell as an average total cost of shipping oil from one port to another by ship. A large table was created as result. The same scale is used today, although it was merged with the American Tanker Rate Schedule (ATRS) in 1969.
Rear house, full hull, midships pipeline. An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. [1] Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries. [1]
With the exception of the pipeline, the tanker is the most cost-effective way to move oil today. [60] Worldwide, tankers carry some 2 billion barrels (3.2 × 10 11 L) annually, and the cost of transportation by tanker amounts to US$0.02 per gallon at the pump.
U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled to find non-blacklisted vessels to get their oil ...
A tanker (or tank ship or tankship) is a ship designed to transport or store liquids or gases in bulk. Major types of tankship include the oil tanker (or petroleum tanker), the chemical tanker, cargo ships, and a gas carrier. Tankers also carry commodities such as vegetable oils, molasses and wine. In the United States Navy and Military Sealift ...
Aframax. An Aframax vessel is an oil tanker with a deadweight between 80,000 and 120,000 metric tonnes. [1] The term is based on the Average Freight Rate Assessment (AFRA), a tanker rate system created in 1954 by Shell Oil to standardize shipping contract terms. [2] Due to their favorable size, Aframax tankers can serve most ports in the world.
Tankers in May and June were receiving premiums of 60% to 100% over non Russian oil freight rates. [140] 45% of Russian crude oil was transported by tankers with P&I Club insurance in June 2023. It is estimated that Russia's shadow fleet contains 131 tankers, 99 over 15 years old. [141]
TI-class supertanker. Hellespont Tara (later TI Europe) in the Netherlands on June 24, 2005. The TI class of supertankers comprises the ships TI Africa, TI Asia, TI Europe and TI Oceania (all names as of July 2004), where the "TI" refers to the ULCC tanker pool operator Tankers International. The class were the first ULCCs (ultra-large crude ...
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