2024.09.03
- SLOW
- 2024년 9월 11일
- 3분 분량
Bahri's VLCC and Russia-trading tanker attacked in Red Sea, US Military condemns as "Reckless Terrorism"
Yemen's Iran-backed Houthi rebels attacked two crude oil tankers—the Saudi-flagged Amjad and Panama-flagged Blue Lagoon I—in the Red Sea on Monday, according to the U.S. military. The Houthis claimed responsibility for targeting the Blue Lagoon I with missiles and drones but did not mention the Amjad. Both tankers, carrying millions of barrels of crude oil, were struck by ballistic missiles and a drone, but continued their voyages without significant damage or casualties. The attacks are part of a broader pattern of Houthi strikes, which the U.S. military condemned as "reckless acts of terrorism."
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VLCC rates could surge to $80,000 per day in 2024 amid rising oil production, says Clarksons
Clarksons Securities forecasts a significant increase in VLCC rates, potentially reaching $80,000 per day in 2024. This surge is expected due to increased oil production from the US, Brazil, Canada, Guyana, and Norway, which could require over 40 additional VLCCs to transport the extra crude. The International Energy Agency (IEA) predicts US crude production to rise from 13.2 million barrels per day (bpd) in 2024 to 13.6 million bpd in 2025. The growth in long-haul shipments, coupled with minimal fleet expansion, is likely to tighten vessel supply, driving rates higher. Despite recent drops in VLCC spot rates, the outlook remains bullish as OPEC+ considers reversing production cuts.
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[SLOW] https://slowspace.io/ Trade Flow Primorsk, Ust-Luga, and Novorossiysk seaborne crude export to India by destination ports
Russian Ural shipping costs to India drop amid increased fleet supply and weak market conditions
Freight rates for shipping Russia's Urals crude to India have dropped to their lowest levels since the introduction of Western price caps in late 2022. Rates for mid-September shipments from Russia's Baltic ports to India have fallen by 9-13% compared to summer levels. Sources indicate that the cost of transporting oil to India for mid-September loadings from Russia's Baltic ports of Primorsk and Ust-Luga has decreased to approximately $4.25-$4.50 million, down from $4.7-$4.9 million in July-August. Similarly, the cost of shipping from the Black Sea port of Novorossiisk to India using Suezmax tankers, which can carry 140,000 tons, has dropped to around $3.8 million for a one-way trip, compared to $4.3-$4.5 million during the same period. The reduced costs are driven by an increased supply of vessels willing to transport Russian oil, including the "shadow fleet" and Western carriers, primarily from Greece. Despite the lower shipping costs, Urals crude prices in India remain above the $60 per barrel price cap, boosting the profitability of Russia's oil exports. The decline in freight rates is also attributed to general market weakness as global oil plants undergo seasonal maintenance.
[SLOW] Oil Market _ North Sea oil price
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Frontline CEO Lars Barstad expresses doubts over effectiveness of sanctions on tanker trade
Frontline's CEO, Lars Barstad, has expressed his loss of faith in the ability of sanctions to curb the "grey fleet" of tankers involved in trading with sanctioned nations like Russia, Iran, and Venezuela. Barstad, who has been outspoken about the issue, highlighted the growing safety and environmental risks posed by these operations. He remarked that the industry appears unable to regulate itself and that the global response to incidents, such as a recent tanker explosion near Singapore, has been muted. Barstad hopes that oversupply in the grey market will eventually lead to the recycling of these non-compliant vessels, but he remains skeptical about the possibility of halting the trade, especially given the needs of crude-short nations. He also noted that the ageing of the compliant fleet could further complicate the situation.
[SLOW] OFAC Sanction Tanker List _ sanction-listed tanker count by ship type
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Dangote oil refinery begins gasoline production, NNPC set as sole buyer
Nigeria's Dangote Oil Refinery has started processing gasoline after recent delays due to crude shortages, marking a significant step for Africa's largest refinery, which has a capacity of 650,000 barrels per day. The refinery, located near Lagos and built by billionaire Aliko Dangote, began operations in January, initially producing naphtha and jet fuel. The Nigerian National Petroleum Corporation (NNPC), the country’s sole gasoline importer, will be the exclusive buyer of Dangote's gasoline. This development comes at a critical time as NNPC faces a $6 billion debt to oil traders and struggles to meet domestic fuel demand, leading to persistent fuel shortages and a 45% increase in fuel prices since last year. The move raises questions about how NNPC will manage its finances and procurement from Dangote, emphasizing the need for greater financial transparency.
[SLOW] https://slowspace.io/ _ Dangote refinery
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