Tag: VLCC

American Bureau of Shipping and Daewoo Shipbuilding & Marine Engineering shake hands and inked a joint development project focused on Solid Oxide Fuel Cell (SOFC) technology.

Encouraging VLCCs & ULCCs (of DWT more than 250,000 tons) to transit the Suez Canal, Suez Canal Authority decided to slash tolls for laden VLCCs heading from Europe to Asia.

On 2 November 2020, it will be 500 days since the last VLCC left active service when it went on its final journey from Jeddah to Bangladesh for dismantling, Peter Sand, BIMCO’s Chief Shipping Analyst noted.

The owners the New Diamond supertanker, which caught fire with a cargo of two million barrels of oil aboard earlier in September, have agreed to pay 340 million rupees ($1.84 million) to Sri Lanka for its help in extinguishing the fire.

The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million barrels per day (bpd), according to analysis by energy research firm Rystad Energy. The analysis also shows global storage infrastructure is in trouble and will be unable to take more crude and products in just a few months. Rystad liquid balances show supply surpassing oil demand by an average of nearly 6 million bpd in 2020, resulting in an accumulated implied storage build of 2.0 billion barrels this year. Based on our rigorous analysis, we find that the world currently has around 7.2 billion barrels crude and products in storage, including 1.3 billion to 1.4 billion barrels currently onboard oil tankers at sea. We estimate that, on average, 76% of the world’s oil storage capacity is already full. There is essentially no idle storage capacity available on tankers, as Saudi Arabia and other producers might have already wiped out the available population of Very Large Crude Carriers (VLCC) for March and April 2020. Namely, Rystad data shows that the theoretical available storage capacity at present is just 1.7 billion barrels onshore ...

SEA\LNG is commissioning a series of independent studies by simulation and analytics experts Opsiana, this time focusing on LNG and its impact on VLCCs, highlighting LNG's benefits, concerning strong return on investment for VLCCs on the Arabian Gulf to China trade route.

Enterprise Products Partners LP and Enbridge Inc have reached an agreement to jointly develop a US Gulf Coast crude export terminal, that will be capable of loading supertankers off Freeport, Texas. Currently, only the Louisiana Offshore Oil Port (LOOP) has the ability to fully load VLCCs from the Gulf Coast.

A supertanker by COSCO Shipping Tankers has received a temporary waiver from US sanctions. The ship is now able to discharge crude oil cargoes. In fact, the VLCC Coswisdom Lake, which discharged some crude in Singapore last week, offloaded the rest of its oil at Brunei on October 16, Reuters said citing shipping data on Refinitiv Eikon.

Lloyd's Register announced the signing of an agreement for a joint development project (JDP) with several industry partners to design an LNG-fueled Very Large Crude Carrier (VLCC). The JDP will evaluate design options for an LNG-fueled VLCC that uses a prismatic GTT Mark III membrane LNG tank.

Antwerp-based crude oil tanker operator Euronav NV announced that its subsidiary Euronav Luxembourg has sold the Very Large Crude Carrier (VLCC) 'VK Eddie', as part of its regular fleet rejuvenation. The vessel will be converted into an FPSO and therefore will leave the worldwide trading fleet.