oil tankers

The Group of Seven (G7) and its allies are working to disrupt Russia’s covert fleet of oil vessels, which the country has been using to bypass sanctions. The move is part of a broader strategy to limit Russia’s ability to trade its crude oil. What Happened: A senior official from the UK...

The world's oil spigot cannot be turned off fast enough, and petroleum no one needs is now pouring into tanker cargo holds like rainwater into buckets under a leaky roof. Plunging oil demand has precipitated surging tanker demand. As the saying goes, "One man's misfortune is another man's fortune...

Pity the public tanker owners. After years of suffering through terrible freight markets, they finally have a breakout quarter to boast about — and just as they do so, the broader stock market is crashing around them on coronavirus fears. "It has actually felt like a bit of a horror movie at times...

Ocean shipping is awash in bad news, but in at least one segment — product tankers — rates are holding firm despite the coronavirus and other turbulence. Product-tanker spot rates have risen sharply over the past week, continuing a run of strong performance at a time when freight pricing in many...

On today's episode, Dooner and Chad are here to nurse your Super Bowl-induced hangovers with news about Connecticut's controversial truck tolling plan, a $7.4 million bridge strike verdict, and coronavirus extends Chinese New Year shutdowns. Craig Fuller fills us in on why the oil market may be...

The enforcement deadline for IMO 2020 — the international rule that requires ocean shipping to switch to more expensive low-sulfur fuel — is six days away, on Jan. 1, but the transition to the new fuel type has largely already occurred. Are ship owners and operators successfully passing along the...

A federal jury has found three defendants guilty of violating pollution laws with the 167,294 dwt Liberian-flag tanker M/T Evridiki, according to the U.S. Department of Justice (DOJ).  The Wilmington, Delaware, jury convicted Nikolaos Vastardis, Evridiki Navigation Inc. and Liquimar Tankers...

The clock is about to strike midnight for ocean shipping. The deadline for IMO 2020 regulation, mandating a game-changing global switch from cheap high-sulfur marine fuel to costly low-sulfur fuel, is now just a few days away – on Jan. 1. IMO 2020 is shaking up volumes and trade flows for both...

There's no one else in the ocean shipping industry quite like Robert Bugbee, the president of three U.S.-listed companies with a combined market capitalization of $2.6 billion — Scorpio Tankers (NYSE: STNG), Scorpio Bulkers (NYSE: SALT) and Hermitage Offshore (NYSE: PSV). As former president of...

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has blacklisted another six tankers operated by the Venezuelan government-controlled oil company Petroleos de Venezuela, S.A. (PdVSA). OFAC said it has targeted Venezuelan oil shipments because the proceeds from the sales are...

Image Sourced from Pixabay

Separating conjoined twins is a delicate operation that is fraught with risk but promises great rewards. The Scorpio family of companies is not yet ready for the full procedure on its conjoined sisters, but it's taking the first step toward the operating table. If you owned the stock of Scorpio...

Crude-tanker spot rates remain in "Twilight Zone" territory, hovering near a modern-day record as if the rules of gravity no longer apply. "Last done" rates for very large crude carriers (VLCCs, tankers that can carry 2 million barrels of crude oil) are still in the vicinity of $300,000 per day,...

The monthly report of the International Energy Agency (IEA) released Friday encapsulated why in the current market, you could have something like a possible attack on an Iranian tanker in the Red Sea – which happened the same day as the release of the Energy Information Administration release – and...

Who can forget September 2008? Lehman's demise, the bailout of AIG, the end-of-the-world buzz that suffused financial centers like Manhattan. That was 11 long years ago – and to a large extent, ocean shipping is still dealing with the lingering hangover-throb of that epic collapse. September 2008...