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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.
"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 ).
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 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 ...
In ocean shipping, 2019 is shaping up to be a tantalizingly strong year in the wet and dry bulk trades. Very large crude carriers (VLCCs), larger and midsized dry bulk carriers, liquefied ...
The rates that tankers can charge has risen, with a fee of $10.5m to transport 700,000b of crude, sold below the price cap, from the Baltic to India in January, compared to a fee a year earlier of $1m. [96] In March VLCC tanker rates were on average 108% higher than March 2022, Suezmax rates were up 56% and Aframax up 40% on 2022. [49]
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 ...
High-yield savings rates for January 15, 2025. Today’s highest savings rates are at FDIC-insured digital banks and online accounts paying out rates of up to 4.50% APY with no minimums at Jenius ...