2024.08.28

Sinokor Secures Fourth VLCC Amid Ongoing Chartering Spree with $54,000 Daily Deal

South Korean shipowner Sinokor has expanded its fleet by chartering a fourth VLCC, the 300,000-dwt Gustavia S, from George Economou’s TMS Tankers. The deal, set at $54,000 per day for three years, is slightly above market estimates. This recent charter is part of Sinokor's active acquisition spree, with other recent deals including VLCCs Dijilah, Advantage Verity, and Papalemos. With 13 VLCC charters this year, Sinokor has already surpassed last year's total. Despite a dip in VLCC rates, they remain resilient and above historical averages.

[SLOW] Weekly Dirty Tanker Research _ VLCC time charter 3 years

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[SLOW] https://slowspace.io/ _ Sounion

Greek-Flagged Tanker Leaking Oil After Houthi Attack in Red Sea, Pentagon Reports

The Greek-flagged crude oil tanker Sounion, recently attacked by Yemen's Houthi forces, is now leaking oil in the Red Sea while still on fire, according to the Pentagon. The attack, which occurred near Yemen's port city of Hodeidah, is part of a series of Houthi strikes in support of Palestinians amid the Israel-Hamas conflict. The tanker was carrying about 1 million barrels of crude oil. Efforts to salvage the vessel have been hampered by threats from the Houthis. The U.S. military is working with regional partners to mitigate the environmental impact of the spill.

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[SLOW] https://slowspace.io/ _ RIEVERIA I

US Blacklists Panama-Based Jiang Ping Shipping Over 'Dark' Oil Transfer with Sanctioned Russian Tanker

The US has blacklisted Panama-based Jiang Ping Shipping after accusing its crude tanker of conducting a "dark" ship-to-ship (STS) oil transfer with the Russian state-owned Sovcomflot vessel SCF Primorye. Both ships reportedly deactivated their AIS signals during the transfer to conceal their activity. The SCF Primorye, previously sanctioned by the US for breaching the oil price cap, transferred 1 million barrels of Urals crude to Jiang Ping's tanker Rieveria I near Singapore in June. Following the transfer, the Rieveria I delivered the cargo to China. The US action underscores its efforts to enforce sanctions on Russian oil amidst ongoing geopolitical tensions.

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Russian Crude Exports Surge to Two-Month High Following Sakhalin Project Resumption

Russia's seaborne crude oil exports have surged to their highest level in nearly two months, driven by the resumption of operations at the Sakhalin Island projects in the Far East. The four-week average crude exports increased to 3.26 million barrels per day by August 25, with weekly shipments jumping by 390,000 barrels per day. This rise was primarily due to the recovery of flows from Sakhalin 2, which resumed after a month-long maintenance shutdown, and increased cargoes from Sakhalin 1. Additionally, ESPO crude shipments from Kozmino have remained strong. This rebound comes as Russia and other OPEC+ members consider easing output cuts starting in October, though Russia's future contributions will be limited by its pledge to compensate for previous overproduction. Russian refineries have also boosted processing rates in August, potentially reaching their highest monthly level since July 2023.

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[SLOW] Trade Flow _ Libya seaborne crude export by destination countries

Libyan Crude Production Clampdown Poised to Disrupt Tanker Market and Tighten Global Oil Supply

The tanker market faces potential disruption as eastern Libya prepares to halt nearly all crude exports due to escalating tensions over central bank leadership. This move threatens to tighten global oil supply and counter recent declines in oil prices. Libyan crude exports, primarily transported on Aframax tankers, have been running at nearly 1.2 million barrels per day, mainly to European refiners. The indefinite shutdown, affecting key ports like Marsa Al Hariga and Ras Lanuf, will force European refiners to seek alternative sources, likely from the US and West Africa. While the reduction in Libyan exports negatively impacts the tanker market, it may increase tonne-miles if these barrels are replaced by more distant sources.