Oil Tanker

After 41 years, a family-owned dry and liquid bulk trucking company ceased operations as of midnight Tuesday, sources familiar with the matter told FreightWaves. Dillon Logistics Inc., doing business as Dillon Transport, was headquartered in Burr Ridge, Illinois. The carrier had 342 drivers and...

"The unwinding period is going to be painful. It's happening," warned Michael Fogerty, senior vice president of commercial operations of Diamond S Shipping (NYSE: DSSI), during a quarterly call on Thursday. Fogerty was referring to the drawdown of crude stocks in Asia that have built up on land and...

Nordic American Tanker Ltd (NYSE: NAT) is the third-largest oil tanker company and is taking advantage of the limited availability of oil storage by charging nearly $70,000 per day for ship usage, CEO Herbjorn Hansson told CNBC's Jim Cramer. Nordic's Clients Include Exxon, BP Nordic...

A new job title has been born: worldwide corona czar. That's what Lois Zabrocky, CEO of Manhattan-based International Seaways (NYSE: INSW), dubbed her company's head of IT, who spent the past several weeks preparing the company and its systems for working off-site. "We are now working remotely,...

The investor spotlight has turned toward owners of very large crude carriers (VLCCs), tankers that carry 2 million barrels of crude oil. VLCC spot deals out of the Middle East Gulf have topped $300,000 per day — in one case exceeding $350,000 per day. The bullish case is that demand for transport...

It is the best of times; it is the worst of times. Just as spot freight rates for supertankers have reached epic new heights, crude-tanker stocks are plummeting. Rates for very large crude carriers (VLCCs; tankers that carry 2 million barrels of crude oil) have in some cases topped $300,000 per...

On Friday, Oct. 11, headlines blared of crude-tanker rates topping $300,000 per day, but the reality didn't quite match the initial hype. Those numbers were for conditional deals, known in the industry as "on subjects." Panicked charterers spent the following weekend calming their nerves, and the...

Saudi Arabia was not bluffing when it said it would focus on crude-oil market share. New tanker charter contracts at extremely high rates confirm that a large wave of Saudi oil is definitely en route. Rates for VLCCs (very large crude carriers; tankers that carry 2 million barrels of crude oil)...

The market expected a new coronavirus-induced 1 million-barrel-per-day (b/d) production cut from OPEC+, the coalition of OPEC and participating non-OPEC nations. What it got on Thursday was a much bigger proposed cut of 1.5 million b/d. Underscoring the severity of the demand problem, crude prices...

The U.S. Department of Justice said in a press release on February 26 that a Singapore-based tanker operator pleaded guilty in a northern California district court to illegally dumping oil bilge into the sea. According to the department, Unix Line PTE Ltd.'s 16,408 gross-ton tanker, Zao Galaxy,...

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced Friday it has lifted economic sanctions against COSCO Shipping's oil tanker operations. The department did not explain the reasons for lifting the sanctions. OFAC imposed sanctions against the Chinese tanker operation...

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Crude-tanker rates made headlines around the world in early October for briefly shooting into the stratosphere, reportedly topping $300,000 per day. What's happening now is not garnering the same press, but it could be even more bullish for tanker companies: Rates have persistently stayed above $60...

There are usually more bulk ships on the high seas than cargoes for them to carry, ergo weak returns for vessel owners. Every once in a while, though, the balance tightens and an unexpected chain of events sends moribund freight rates through the roof. That's what just happened with very large...

If you want to know what actually happened during the recent crude-tanker maelstrom, when rates were briefly assessed at over $300,000 per day, there's no better person to ask than a top executive of DHT Holdings (NYSE: DHT). DHT is a pure-play owner of very large crude carriers (VLCCs, tankers...