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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]
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.
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 ...
Suezmax. " 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).
To the extent that price difference between WTI and Brent crude entice traders to ship WTI to North Sea refineries or ship Brent to US Gulf Cost refineries, the premium/discount between WTI and Brent crude must reflect oil tanker freight costs. Oil tanker freight cost rates could be highly volatile, due to circular dependence on fuel oil prices ...
The operation has started to tow a Greek-registered oil tanker stranded in the Red Sea after an attack by Houthi militants last month, a shipping source told Reuters on Saturday. Towing the 900 ...
frontline.bm. Frontline PLC is the world's fourth largest oil tanker shipping company , based in Limassol, Cyprus and controlled by John Fredriksen. Its primary business is transporting crude oil. As of 2008 the company had one of the world's largest tanker fleets consisting of VLCC, Suezmax and Suezmax OBO carriers (82 tankers in total with 18 ...