ExxonMobil Marine Fuels' technical liaison manager said that shipowners will be able to successfully switch to using low-sulphur products, but noted that the outcome rests on owners’ preparedness for the switch, as well as the technical abilities of their crews.
A predicted recovery in the next few weeks would mirror the rebound in 2016 when freight rates for VLCCs soared from about USD15,000/day to about USD64,000/day two months later.
Marikanis-led Capital Group has placed an order for two Aframax tanker newbuilding with South Korean yard Daehan Shipbuilding.
The demand measured in tonne-miles has increased by 12–13% year on year in the first eight months of 2018 and by 8.2% in the global trade in LNG.
The new derivatives contracts, which will be listed and cleared through ICE Futures Europe, are based on the freight costs of VLCC shipments from USGC to China and of Aframax shipments from USGC to Europe (United Kingdom or the continent).
Three family-run Japanese shipowners have acquired three VLGCs from Dorian LPG in sale-and-bareboat-charter deals.
The multi-million euro project is to be carried out with Belgian operator SEA-Tank Terminal Antwerp, part of the SEA-Invest port terminals group.
The refund guarantees enable the struggling mid-tier South Korean shipbuilder to start work on the vessels, which were contracted by Greek owner Oceangold in June.
The tanker group said on 11 September that the 114,000 dwt vessels will be financed by VEB-Leasing, a unit of VEB, the state-owned development bank. Vessel prices were not disclosed.
The German company signed the agreement with German LNG Terminal GmbH, the joint venture developing the terminal in Brunsbüttel in Northern Germany.