2024.09.26
- SLOW
- 2024년 9월 26일
- 4분 분량
US sanctions on Syrian shipowner and vessels linked to Iran and Hezbollah
The U.S. Treasury Department has imposed sanctions on several entities and vessels linked to Syrian shipowner Abdul Jalil Mallah for facilitating illegal trade with Iran and Hezbollah. Four vessels connected to Mallah’s shipping empire, which supports Iran’s Islamic Revolutionary Guard Corps and its proxies, were added to the sanctions list. The sanctions also targeted Mallah's brother, Luay al-Mallah, who runs Oryx Denizcilik in Turkey. Additionally, China's Star Ocean Shipmanagement and three of its vessels were sanctioned for facilitating illicit oil trades with Iran. Two shipowning entities, Dragon Road and Tai Feng Hai Shipping, were also blacklisted for their roles in transporting commodities tied to Hezbollah.
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[SLOW] https://slowspace.io/ _ Distance
29% of Gulf of Mexico oil production halted due to hurricane Helene
Approximately 29% of crude oil production and 17% of natural gas output in the U.S. Gulf of Mexico have been shut down due to Hurricane Helene. This equates to 511,000 barrels per day of oil production and 313 million cubic feet of natural gas. The hurricane, located around 480 miles south-southwest of Tampa, prompted the evacuation of 17 oil and gas platforms, with companies like Chevron and Equinor halting operations and evacuating staff. The Gulf of Mexico region contributes about 15% of U.S. oil production and 2% of natural gas output.
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Russia sets record in Arctic oil shipments via Northern Sea Route, accelerating exports to China
Russia has set a new record for oil shipments through the Arctic’s Northern Sea Route (NSR), expediting deliveries to China amid geopolitical challenges and environmental concerns. So far this year, at least 15 tankers carrying 10.7 million barrels of crude have traversed the route, surpassing last year's total. With several more tankers scheduled, the volume could exceed 14.4 million barrels. Russia's Northern Sea Route (NSR) significantly reduces shipping times for oil and cargo deliveries from the Baltic Sea and Arctic ports like Murmansk to China, compared to the traditional Suez Canal route. The route typically takes just over a week to traverse Russia’s northern coastline, and another 12-14 days to reach Chinese ports, cutting travel time in half. However, the 2024 NSR season is being cut short due to early ice formation. Non-ice class vessels will be restricted starting October 15, while only ice-breaking tankers will be allowed by early November. Although most vessels using the route are modern ships from Sovcomflot, a shadow fleet of older tankers (at least 15 years old) is also increasingly navigating the NSR to bypass Western sanctions on Russian oil. However, this raises environmental concerns due to the harsh Arctic conditions.
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China's Yulong Refinery begins operations, running crude unit at 60-70% capacity
China's new Yulong Petrochemical refinery in Shandong has commenced operations, running one of its two crude units at 60-70% capacity. The refinery, with a 200,000 barrels per day (bpd) capacity, officially started up, and its hydrotreating unit is already producing and selling diesel in the domestic market. The refinery plans to launch one of its reforming units soon and begin selling petrochemical products in October. Yulong has also purchased crude shipments for October, including ESPO blend, Upper Zakum, and Oman crude. The project is primarily owned by Nanshan Group, with Shandong Energy Group and local firms holding minority stakes.
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[SLOW] Daily VLCC Market _ TCE comparison by routes
VLCC earnings decline for fourth day as Hanwha fixture reflects market pullback
VLCC spot earnings have declined for four consecutive days. Primarily there is a fixture by South Korea's Hanwha Group on a Middle East-to-Asia trade route. Hanwha booked the Pantheon Tankers Management's VLCC Caesar at a rate of nearly $36,000 per day, which is lower than recent rates. This reflects a broader pullback in the market after some initial optimism that the market would recover from its summer slump and move toward stronger earnings in the winter months. The Baltic Exchange also reported a 5% drop in time-charter equivalent rates. Analysts suggest that the market is softening due to limited cargoes and anticipate further short-term declines, though the long-term outlook depends on increased Atlantic tonnage.
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[SLOW] Aframax Market Monitor _ TCE comparison by routes
Aframax spot earnings sink below $20,000 as Atlantic and Mediterranean markets weaken
Aframax tanker spot rates have fallen below $20,000 per day for the first time since October 2023, continuing a decline from a June peak of $58,200 per day. The Baltic Exchange’s average aframax crude tanker earnings fell by $414 on Wednesday, an 8.9% drop from last week. Markets in the Atlantic basin offered little support, with North Sea chartering covering early October loadings and market cargoes being limited. Mediterranean and US markets also remained subdued, with suezmax and VLCC vessels taking some aframax cargoes. The only area showing slight support was the Caspian Pipeline Consortium (CPC) due to delays in the Turkish Straits.
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[SLOW] Clean MR Market Monitor _ Atlantic TCE comparions by routes
Atlantic MR tanker spot rates plunge to yearly low amid seasonal weakness
MR (Medium Range) tanker spot rates in the Atlantic have dropped to their lowest levels of the year due to seasonal factors. The Baltic Exchange reported time-charter equivalent (TCE) rates at just under $18,000 per day, a 30% decline from last week’s $25,500 per day. Scorpio Tankers' president Robert Bugbee attributed this to typical seasonal patterns, where the third quarter sees lower demand due to refinery maintenance. The Europe-to-US East Coast route hit its lowest level since January, while future contracts also dropped. However, Pacific basin rates showed improvement, reaching $16,900 per day.
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