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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.
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]
"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 Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday as rates for larger vessel segments increased. * The overall index, which ...
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 ...
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 more on order ...
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 ...
For tanker owners, the Six-Day War of 1967 was of greater importance. The Suez Canal closed until 1975 and freight rates skyrocketed because of the shortage of tonnage now ships had to pass the Cape of Good Hope. [46] Even larger tankers were now built, [47] as the limitations of the Suez Canal were not governing anymore. In only a couple of ...