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The big news for ocean shipping freight rates this week is demand out of the oil-producing nations of West Africa, which is pushing up rates for the second-largest category of crude oil tanker.
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"Suezmax" is a naval architecture term for the largest ship measurements capable of transiting the Suez Canal in a laden condition, and is almost exclusively used in reference to tankers. The limiting factors are beam , draft , height (because of the Suez Canal Bridge ), and length [ 1 ] (even though the canal has no locks ).
The oil tanker St Nikolas (formerly Suez Rajan) has been involved in two geopolitically prominent seizures, by the United States and Iran.In April 2023 the Greek-managed Marshall Islands-flagged oil tanker Suez Rajan was seized by US authorities, for breaching US sanctions against Iranian oil, which fell under US jurisdiction due to the use of US financial services.
Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains ...
The MV Sea Empress was a single-hull Suezmax oil tanker that ran aground at the entrance to the Milford Haven harbour on the southwest coast of Wales in February 1996. The ensuing oil spill, Britain's third largest oil spillage and the 12th largest in the world at the time, [2] devastated a considerable area of local coastline and killed many birds, and continued to affect the Pembrokeshire ...
Sanchi was a double-hulled Suezmax crude oil tanker, with an overall length of 274.18 metres (899 ft 6 in), a gross tonnage of 85,462, and deadweight tonnage of 164,154 tonnes (180,949 short tons). [7] The tanker was built in 2008 by Hyundai Samho Heavy Industries at Yeongam, South Korea, for the National Iranian Tanker Company. [7]
The freight rate of a tanker charter party is specified in one of four ways: by a lump sum rate, by rate per ton, by a time charter equivalent rate, or by Worldscale rate. [50] In a lump sum rate arrangement, a fixed price is negotiated for the delivery of a specified cargo, and the ship's owner/operator is responsible to pay for all port costs ...