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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 ).
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]
Options trading in the dry market hit an all-time high of 409,255, up 25% on the previous year. The most heavily traded contract was settled against the Baltic Exchange's panamax timecharter assessment (PTC) which saw 1,202,432 lots traded in 2021. Tanker FFA volumes were down 16% on the previous year, reaching 553,535 lots.
The Baltic Exchange's main sea freight index gained on Thursday as rates rose across all vessel segments. * The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was ...
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 ...
With a deadweight tonnage of 164,154 tons, the vessel was a typical Suezmax tanker, a vessel able to transit the Suez Canal in a laden condition. Sanchi was powered by an 18,660-kilowatt (25,020 bhp) MAN-B&W 6S70MC-C slow-speed diesel engine driving a fixed-pitch propeller and giving the tanker a service speed of 15.4 knots (28.5 km/h; 17.7 mph ...
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