FRONTLINE
Frontline vil ha flere tankskip.
Dette blir spennende.
Dette blir spennende.
Redigert 14.01.2024 kl 23:09
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ibyx
24.11.2023 kl 15:19
5649
Her er gjerne et eksempel pÄ hva kapteinen skuer i horisonten for sine nyanskaffede VLCCer?
Eagle Vellore (2023 - Modern Scrubber) On Subs (Estimated Voyage CII: B đą) NSea/East Trafigura Stasco (TCE: RV USD 70K @ 91 days / Actual USD 127K @ 56 days)
Eagle Vellore (2023 - Modern Scrubber) On Subs (Estimated Voyage CII: B đą) NSea/East Trafigura Stasco (TCE: RV USD 70K @ 91 days / Actual USD 127K @ 56 days)
Trendline
23.11.2023 kl 23:09
6234
NĂ„ er operasjon Euronav fullfĂžrt og Frontline fikk 24 moderne VLCC . Dette ble en spennende reise for begge rederiene. Frontline fikk flere tankskip og blir dermed en sterkere konkurrent til Internasjonal Seaways.
Der er det ingen vilje til samarbeid med Frontline,
bare giftpiller..
Hva kan gjĂžres med dette?
Der er det ingen vilje til samarbeid med Frontline,
bare giftpiller..
Hva kan gjĂžres med dette?
102oktan
23.11.2023 kl 20:27
6513
Aha, den "hvite" flÄten vokser med ca 100 skip? Er vel mest Afra/Suez ?
Leotwin
22.11.2023 kl 22:13
7069
Leotwin
22.11.2023 kl 22:01
7047
102oktan skrev Det mĂžtet er kansellert
MĂžtet er utsatt til 30. november (fire dager).
https://www.cnbc.com/2023/11/22/oil-group-opec-and-its-allies-delay-policy-setting-meeting.html
https://www.cnbc.com/2023/11/22/oil-group-opec-and-its-allies-delay-policy-setting-meeting.html
heilo888
22.11.2023 kl 20:58
7122
Kan vĂŠre litt kortsiktig frykt for hva OPE beslutter kommende helg.
vulkan
22.11.2023 kl 15:54
7287
Anyone:
NĂ„ som tankratene stiger og er hĂžye, hvorfor synker alle tankselskap i aksjeverdi?
Hva er de mĂžrke skyene i horisonten, eventuelt hva var de som ikke ble innfridd av forventninger?
NĂ„ som tankratene stiger og er hĂžye, hvorfor synker alle tankselskap i aksjeverdi?
Hva er de mĂžrke skyene i horisonten, eventuelt hva var de som ikke ble innfridd av forventninger?
Redigert 22.11.2023 kl 16:21
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Granly
22.11.2023 kl 10:20
7305
Da er eg tilbake i FRO med en liten andel.
Har troen pÄ at vi fÄr en Þke til 250-260 fÞr q3 talla blir levert 30 november. Ser ogsÄ at 8 meglerhus fortsatt har kjÞpsanbefaling samt noen har Hold.
Flere opererer med et kursmÄl mellom 267 kroner til rundt 300 kroner.
Har troen pÄ at vi fÄr en Þke til 250-260 fÞr q3 talla blir levert 30 november. Ser ogsÄ at 8 meglerhus fortsatt har kjÞpsanbefaling samt noen har Hold.
Flere opererer med et kursmÄl mellom 267 kroner til rundt 300 kroner.
Flipper
21.11.2023 kl 15:03
7538
Euronav Special Shareholder Meeting results
EURONAV SPECIAL SHAREHOLDER MEETING RESULTS
ANTWERP, Belgium, 21 November, 2023 â Euronav NV (âEURNâ, âEuronavâ or âthe Companyâ) (NYSE: EURN & Euronext: EURN) is pleased to announce the formal approval of all the resolutions at the Special General Meeting today.
Resolution 1: Approval of conditions precedent in accordance with article 7:151 of the Belgian Code of Companies and Associations
Resolution 1 A: Approval of conditions precedent in relation to the sale of vessels to Frontline in accordance with article 7:151 of the Belgian Code of Companies and Associations.
Resolution 1 B: Approval of conditions precedent in relation to the termination of the arbitration proceedings in accordance with article 7:151 of the Belgian Code of Companies and Associations.
All other resolutions were also approved at the meeting.
EURONAV SPECIAL SHAREHOLDER MEETING RESULTS
ANTWERP, Belgium, 21 November, 2023 â Euronav NV (âEURNâ, âEuronavâ or âthe Companyâ) (NYSE: EURN & Euronext: EURN) is pleased to announce the formal approval of all the resolutions at the Special General Meeting today.
Resolution 1: Approval of conditions precedent in accordance with article 7:151 of the Belgian Code of Companies and Associations
Resolution 1 A: Approval of conditions precedent in relation to the sale of vessels to Frontline in accordance with article 7:151 of the Belgian Code of Companies and Associations.
Resolution 1 B: Approval of conditions precedent in relation to the termination of the arbitration proceedings in accordance with article 7:151 of the Belgian Code of Companies and Associations.
All other resolutions were also approved at the meeting.
ibyx
21.11.2023 kl 12:01
7732
Men hvordan vil det pĂ„virke FRO at OET nĂ„ er vei for Ă„ teste "stĂžtten" pĂ„ 240? đ
ibyx
21.11.2023 kl 09:50
7766
Ikke alle agerer som om Ole-Rikard har fasit...
https://twitter.com/EvningStarr/status/1726638332330098834
https://twitter.com/EvningStarr/status/1726638332330098834
canarias
21.11.2023 kl 06:44
8062
Det gÄr som regel motsatt av hva en tror
, risk/reward er meget attraktiv i Ă„revis.
, risk/reward er meget attraktiv i Ă„revis.
En ting til mens jeg holder pÄ Ä skrive.
Den oljeproduserende Arabiske verden er ganske "pissed off" for tiden, og det skulle ikke forundre meg om de vil straffe USA/ Israel med ytterligere oljekutt.
Og at USA og Venezuela blir kompiser igjen.
Den oljeproduserende Arabiske verden er ganske "pissed off" for tiden, og det skulle ikke forundre meg om de vil straffe USA/ Israel med ytterligere oljekutt.
Og at USA og Venezuela blir kompiser igjen.
msmekk
20.11.2023 kl 21:36
8513
Tror Frontline vil fÄ en kraftig knekk pÄ Mandag. Den er altfor hÞyt priset i utgangspunktet iht Svelland, bestemmer OPEC
Et kraftig kutt pÄ SÞndag vil det bli ille for Frontline
Et kraftig kutt pÄ SÞndag vil det bli ille for Frontline
Det er ogsÄ en ting jeg savner ifra Analytiker Axel Styrman i Kepler Cheuvreux.
USA holder pÄ Ä mildne sanksjonene i Venezuela og det vil komme mere olje derifra etterhvert.
Hvordan vil det spille inn? og hva skjer der? er det under radaren?
Harelabb ifra Axel kan en vel kalle den analysen.
USA holder pÄ Ä mildne sanksjonene i Venezuela og det vil komme mere olje derifra etterhvert.
Hvordan vil det spille inn? og hva skjer der? er det under radaren?
Harelabb ifra Axel kan en vel kalle den analysen.
Redigert 20.11.2023 kl 22:06
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102oktan
20.11.2023 kl 20:09
8642
Hvis OPEC kutter enda flere fat kanskje 1 mill dagen hva vil det ha og si for FRO?
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Extend-Gains-Further-on-OPEC-Cut-Predictions.html
According to Bloomberg, hedge funds have reduced the oil bets to the point that they are more bearish than they have been in 20 weeks. All of this is leading to predictions that OPEC+ will attempt in the least to maintain existing cuts, if not broaden those cuts.
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Said-To-Consider-Additional-1-Million-Bpd-Output-Cut.html
Jeg venter til OPEC mÞte 26 November fÞr jeg gÄr inn i FRO
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Extend-Gains-Further-on-OPEC-Cut-Predictions.html
According to Bloomberg, hedge funds have reduced the oil bets to the point that they are more bearish than they have been in 20 weeks. All of this is leading to predictions that OPEC+ will attempt in the least to maintain existing cuts, if not broaden those cuts.
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Said-To-Consider-Additional-1-Million-Bpd-Output-Cut.html
Jeg venter til OPEC mÞte 26 November fÞr jeg gÄr inn i FRO
Redigert 20.11.2023 kl 18:56
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Hardly
20.11.2023 kl 18:31
8669
https://www.finansavisen.no/shipping/2023/11/20/8061189/vlcc-ratene-kan-na-100.000-dollar-dagen
Arctic-analytiker Ole-Rikard Hammer mener at det er gode muligheter for at VLCC-ratene nÄr 100.000 dollar dagen fÞr jul.
Arctic-analytiker Ole-Rikard Hammer mener at det er gode muligheter for at VLCC-ratene nÄr 100.000 dollar dagen fÞr jul.
Redigert 20.11.2023 kl 18:32
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Kappa3278
20.11.2023 kl 13:28
8943
SpĂ„r en ny pengemaskin â John Fredriksen-style
Carnegie har ikke sett bedre utsikter for inntjeningen innen stortank pÄ 15 Är.
Carnegie har tatt opp dekning av det John Fredriksen-kontrollerte tankrederiet Frontline.
«A new Golden Age,» er tittelen pÄ analysen ifÞlge TDN Direkt som siterer fra analysen mandag
Carnegie har ikke sett bedre utsikter for inntjeningen innen stortank pÄ 15 Är.
Carnegie har tatt opp dekning av det John Fredriksen-kontrollerte tankrederiet Frontline.
«A new Golden Age,» er tittelen pÄ analysen ifÞlge TDN Direkt som siterer fra analysen mandag
Hardly
20.11.2023 kl 09:18
9231
Mollen skrev Er det nevnt noe kursmÄl pÄ Frontline ?
Carnegie starter dekning av Frontline med kjÞpsanbefaling og kursmÄl pÄ 300 kroner pr aksje, ifÞlge en analyse i dag.
Arctic Securities hÞyner kursmÄlet pÄ Frontline til 279 kroner pr aksje, fra 251 kroner, og gjentar en kjÞpsanbefaling.
Clarksons Securities hÞyner kursmÄlet pÄ Frontline til 350 kroner pr aksje, fra 250 kroner, og gjentar en kjÞpsanbefaling.
Arctic Securities hÞyner kursmÄlet pÄ Frontline til 279 kroner pr aksje, fra 251 kroner, og gjentar en kjÞpsanbefaling.
Clarksons Securities hÞyner kursmÄlet pÄ Frontline til 350 kroner pr aksje, fra 250 kroner, og gjentar en kjÞpsanbefaling.
Endre Mening
20.11.2023 kl 09:14
9213
Mollen skrev Er det nevnt noe kursmÄl pÄ Frontline ?
Ikke spesifikt. Bare "stor oppside":
â Vi ser fortsatt stor oppside innen tank de neste Ă„rene, spesielt stortank og primĂŠrt som fĂžlge av lav flĂ„tevekst, forteller shippinganalytiker Axel Styrman i Kepler Cheuvreux.
â Vi forventer en flĂ„tevekst innen rĂ„oljesegmentet ned mot null i lĂžpet av neste Ă„r og pĂ„ omtrent en prosent i 2025.
Styrman pÄpeker at transportavstandene samtidig er pÄ vei opp, fÞrst og fremst grunnet Þkt rÄoljeeksport fra Nord- og SÞr-Amerika til Asia, hovedsaklig til Kina.
â Nye transportmĂžnstre som fĂžlge av Russlands angrepskrig mot Ukraina har ogsĂ„ Ăžkt avstandene, og denne situasjonen vil sannsynligvis vil vedvare, tilfĂžyer han.
â Det er videre sannsynlig at bĂ„de MidtĂžsten-produsentene og Russland vil Ăžke oljeproduksjonen i lĂžpet av vinteren, hvilket betyr at eksportvolumene gĂ„r ytterligere opp og styrker etterspĂžrselen etter stortank.
Vi forventer en flÄtevekst innen rÄoljesegmentet ned mot null i lÞpet av neste Är
Axel Styrman, Kepler Cheuvreux
ANBEFALER FRONTLINE-AKSJEN: Analytiker Axel Styrman i Kepler Cheuvreux. FOTO: KEPLER CHEUVREUX
Frontline har oppside
IfÞlge analytikeren er Frontline sÊrlig godt posisjonert i tankmarkedet. Han viser til at rederiets flÄteutvidelse i innevÊrende og neste kvartal vil gi langt stÞrre inntjeningskapasitet.
â OgsĂ„ DHT Holdings nyter godt av det sterke stortankmarkedet, har en aksjonĂŠrvennlig utbyttepolitikk og drar nytte av lave drivstoffutgifter, fortsetter Styrman.
â Vi ser fortsatt stor oppside innen tank de neste Ă„rene, spesielt stortank og primĂŠrt som fĂžlge av lav flĂ„tevekst, forteller shippinganalytiker Axel Styrman i Kepler Cheuvreux.
â Vi forventer en flĂ„tevekst innen rĂ„oljesegmentet ned mot null i lĂžpet av neste Ă„r og pĂ„ omtrent en prosent i 2025.
Styrman pÄpeker at transportavstandene samtidig er pÄ vei opp, fÞrst og fremst grunnet Þkt rÄoljeeksport fra Nord- og SÞr-Amerika til Asia, hovedsaklig til Kina.
â Nye transportmĂžnstre som fĂžlge av Russlands angrepskrig mot Ukraina har ogsĂ„ Ăžkt avstandene, og denne situasjonen vil sannsynligvis vil vedvare, tilfĂžyer han.
â Det er videre sannsynlig at bĂ„de MidtĂžsten-produsentene og Russland vil Ăžke oljeproduksjonen i lĂžpet av vinteren, hvilket betyr at eksportvolumene gĂ„r ytterligere opp og styrker etterspĂžrselen etter stortank.
Vi forventer en flÄtevekst innen rÄoljesegmentet ned mot null i lÞpet av neste Är
Axel Styrman, Kepler Cheuvreux
ANBEFALER FRONTLINE-AKSJEN: Analytiker Axel Styrman i Kepler Cheuvreux. FOTO: KEPLER CHEUVREUX
Frontline har oppside
IfÞlge analytikeren er Frontline sÊrlig godt posisjonert i tankmarkedet. Han viser til at rederiets flÄteutvidelse i innevÊrende og neste kvartal vil gi langt stÞrre inntjeningskapasitet.
â OgsĂ„ DHT Holdings nyter godt av det sterke stortankmarkedet, har en aksjonĂŠrvennlig utbyttepolitikk og drar nytte av lave drivstoffutgifter, fortsetter Styrman.
Endre Mening
19.11.2023 kl 12:45
9798
Utsikter til et vedvarende stramt marked bidrar til at analytiker Axel Styrman har en kjÞpsanbefaling pÄ bÄde Frontline og DHT.
â Vi ser fortsatt stor oppside innen tank de neste Ă„rene, spesielt stortank og primĂŠrt som fĂžlge av lav flĂ„tevekst, forteller shippinganalytiker Axel Styrman i Kepler Cheuvreux.
â Vi forventer en flĂ„tevekst innen rĂ„oljesegmentet ned mot null i lĂžpet av neste Ă„r og pĂ„ omtrent en prosent i 2025.
Styrman pÄpeker at transportavstandene samtidig er pÄ vei opp, fÞrst og fremst grunnet Þkt rÄoljeeksport fra Nord- og SÞr-Amerika til Asia, hovedsaklig til Kina.
https://www.finansavisen.no/shipping/2023/11/19/8060656/kepler-cheuvreux-tank-er-fortsatt-toppvalget
â Vi ser fortsatt stor oppside innen tank de neste Ă„rene, spesielt stortank og primĂŠrt som fĂžlge av lav flĂ„tevekst, forteller shippinganalytiker Axel Styrman i Kepler Cheuvreux.
â Vi forventer en flĂ„tevekst innen rĂ„oljesegmentet ned mot null i lĂžpet av neste Ă„r og pĂ„ omtrent en prosent i 2025.
Styrman pÄpeker at transportavstandene samtidig er pÄ vei opp, fÞrst og fremst grunnet Þkt rÄoljeeksport fra Nord- og SÞr-Amerika til Asia, hovedsaklig til Kina.
https://www.finansavisen.no/shipping/2023/11/19/8060656/kepler-cheuvreux-tank-er-fortsatt-toppvalget
Det har bygget seg opp en HS i Chart til FRO nu.
Kan dette gi ett nytt kutt i OPEC ? da blir det mindre olje Ă„ frakte.
Olje pris ned 4.35 % nu.
Kan dette gi ett nytt kutt i OPEC ? da blir det mindre olje Ă„ frakte.
Olje pris ned 4.35 % nu.
Redigert 16.11.2023 kl 18:00
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ibyx
16.11.2023 kl 17:31
10314
ai ai ai! 230,05 NOK
Vi skuer mot 220!
Hadde det ikke vÊrt for denne hersens dollarkursen som stiger igjen nÄ...
Billig olje er ok da. Tenker det fÄr fart pÄ bestillingene!
Vi skuer mot 220!
Hadde det ikke vÊrt for denne hersens dollarkursen som stiger igjen nÄ...
Billig olje er ok da. Tenker det fÄr fart pÄ bestillingene!
Sonatrach
16.11.2023 kl 16:20
10397
Ratene har begynt Ä krype oppover igjen. OgsÄ Baltic indexen har vÊrt i positivt landskap siste par dagene.
IfÞlge Clarksons Securities oppnÄr suezmax-ene - rÄoljetankere pÄ rundt 160.000 dÞdvekttonn - nÄ en timecharterrate pÄ 52.500 dollar for nye oppdrag i spotmarkedet. SÄkalte eco-skip bygd etter 2015 fÄr noe bedre betalt; rundt 56.300 dollar.
For nyere VLCC-ere - rÄoljetankere pÄ 300.000 dÞdvekttonn - ligger inntjeningen i Þyeblikket pÄ 66.700 dollar dagen, ifÞlge meglerhuset.
IfÞlge Clarksons Securities oppnÄr suezmax-ene - rÄoljetankere pÄ rundt 160.000 dÞdvekttonn - nÄ en timecharterrate pÄ 52.500 dollar for nye oppdrag i spotmarkedet. SÄkalte eco-skip bygd etter 2015 fÄr noe bedre betalt; rundt 56.300 dollar.
For nyere VLCC-ere - rÄoljetankere pÄ 300.000 dÞdvekttonn - ligger inntjeningen i Þyeblikket pÄ 66.700 dollar dagen, ifÞlge meglerhuset.
ibyx
16.11.2023 kl 11:52
10590
Olympic Luna (2017 - Modern Scrubber) On Subs (Estimated Voyage CII: C đĄ) WAfr/East ExxonMobil Onassis (TCE: RV USD 65K @ 62 days / Actual USD 56K @ 68 days)
PĂ„ hĂžyde med OETs siste?
https://app.tankersinternational.com/fixtures/ff29019b-8b46-4d0e-a27a-208f54668c99
PĂ„ hĂžyde med OETs siste?
https://app.tankersinternational.com/fixtures/ff29019b-8b46-4d0e-a27a-208f54668c99
ibyx
15.11.2023 kl 19:20
11172
Holder seg i pluss der borte, men nÄr dollaren stuper...
233,75 NOK
OSE LOD 233,05
233,75 NOK
OSE LOD 233,05
Flipper
15.11.2023 kl 13:55
11484
Tidbits
Measures up for debate also include tighter checks on Russia-linked vessels passing through Danish waters, the newspaper reported on Wednesday, as well as closer scrutiny of registries that provide flag services for shadow fleet vessels.
Denmark would be given the task of checking tankers passing the Danish straits without Western insurance on environmental grounds, three people with knowledge of the latest EU talks told the newspaper. It said about 60% of Russiaâs total seaborne exports cross the straits.
The price cap breaches have forced Western insurers out of Russian trades, sparking concerns that alternative providers could not cover damages in the event of a serious oil spill.
Although ships cannot be halted in international waters, shipbroker BRS highlighted in January how shadow tankers could come under closer scrutiny lifting barrels from Baltic and Black Sea ports as they would have to pass through territorial waters via the Danish or Bosphorus straits.
* * A 165-year convention has ruled that the straits allow for freedom of passage for all shipping. But maritime laws provide scope for action if there is a threat of coastal damage. * * *
Measures up for debate also include tighter checks on Russia-linked vessels passing through Danish waters, the newspaper reported on Wednesday, as well as closer scrutiny of registries that provide flag services for shadow fleet vessels.
Denmark would be given the task of checking tankers passing the Danish straits without Western insurance on environmental grounds, three people with knowledge of the latest EU talks told the newspaper. It said about 60% of Russiaâs total seaborne exports cross the straits.
The price cap breaches have forced Western insurers out of Russian trades, sparking concerns that alternative providers could not cover damages in the event of a serious oil spill.
Although ships cannot be halted in international waters, shipbroker BRS highlighted in January how shadow tankers could come under closer scrutiny lifting barrels from Baltic and Black Sea ports as they would have to pass through territorial waters via the Danish or Bosphorus straits.
* * A 165-year convention has ruled that the straits allow for freedom of passage for all shipping. But maritime laws provide scope for action if there is a threat of coastal damage. * * *
Headline
15.11.2023 kl 13:43
11539
Flipper skrev Stort volum 13.30 NOK 235 til 239 .....
Pre Market NYSE
22.010
+0.510
(+2.37%)
22.010
+0.510
(+2.37%)
Flipper
15.11.2023 kl 12:45
5584
Mye gammelt nytt, men mer utdypene her.
Wavelength: Why tanker owners face Russian crude crackdown
Sanctions web may be full of holes but anyone snared could suffer severe penalties
Tanker owners carrying crude and products for Russia are to come under the cosh amid a planned new crackdown by the US and Europe over alleged sanctions busting.
Letters have gone out from Washington to more than 30 ship operators of different nationalities â but mainly Greek â demanding proof that they have not been carrying Siberian crude priced above $60 per barrel.
European political leaders have been meeting behind the scenes to discuss how they can make the oil price cap sanctions on the so-called dark fleet and other vessels more effective in future.
Fuel oil trades are also being targeted by the US Department of the Treasuryâs Office of Foreign Assets Control, known as Ofac, sending shivers through a chartering community that is fearful its ships might be held up in future.
The clampdown comes amid reports that the US-led price cap aimed at weakening Kremlin revenues and, therefore, war efforts in Ukraine are being almost completely circumvented.
A senior European government official told the Financial Times that âalmost noneâ of the shipments of Russian seaborne crude last month was executed below the $60 limit imposed by the US and G7 countries.
These comments support official â though often disputed â statistics from Moscow, which claim that the average price obtained by Russian crude sellers was above $80 in October.
In a bid to turn this around, G7 countries have been looking at trying to tighten their restrictions. The UK has just imposed sanctions on Dubai-based oil trader Paramount Energy & Commodities for allegedly deploying âdeceptive shipping practicesâ.
Ofac wants to know from tanker owners what kind of due diligence was done on a fleet of nearly 100 vessels believed to have carried Russian crude above the agreed price cap.
It has already urged charterers to only use vessels registered with members of the blue-chip International Association of Classification Societies.
It wants tanker users to double-check that freight and customer costs are not being bundled together to cheat on the price cap.
Toughening up
The letters sent out from Ofac â about which the Treasury has not commented â appear to herald a harder line by Washington that spells jeopardy for tanker owners carrying Russian exports.
Most industry experts say the US had been somewhat lax about the issue, although two vessels and their owners were put on an Ofac blacklist last month and certainly more can be expected to follow.
Washington and the West have been distracted.
The terrorist attack on Israel followed by the 10,000 civilian deaths in the retaliatory and ongoing bombardment of Gaza has swung attention from the Black Sea to the Middle East Gulf.
Angeliki Frangou, chief executive of Navios Maritime Partners, said this week that soaring US government debt, unprecedented monetary policy, economic woes in China coupled with war in Ukraine and Gaza made this âone of the most dangerous times in historyâ.
She said the big threat posed by Palestine was that conflict extended outwards into the wider Middle East, putting at risk the 40% of world oil passing through the Strait of Hormuz.
Takeshi Hashimoto, Frangouâs counterpart at Japanâs Mitsui OSK Lines, said he was more concerned about geopolitical risk than he was about uncertainty over the economies of the US and China next year. And yet more oil is needed than ever. On Tuesday, the International Energy Agency upgraded its oil demand growth expectations for 2023 by 2.4m barrels per day to reach a record 102m bpd.
Leaky sieve
The US is now said to be pumping 19.8m bpd â much higher than its largest rivals Saudi Arabia and Russia, which are both holding back export volumes to keep the price up.
The increased long-haul routes needed to move oil from the US have been boosting tanker freight rates, but the IEA is still expecting a slight reduction in oil demand in 2024 to less than 1m extra bpd.
The agency said Russia was having to pay more for its shipping â up to 35% more in freight costs from the Baltic to India during October â but higher export volumes are making up for any lost Kremlin revenues.
Sanctions may often seem as effective as a leaky sieve, but tanker owners and charterers moving Russian crude and products are clearly now under greater threat of blacklist and seizure
Wavelength: Why tanker owners face Russian crude crackdown
Sanctions web may be full of holes but anyone snared could suffer severe penalties
Tanker owners carrying crude and products for Russia are to come under the cosh amid a planned new crackdown by the US and Europe over alleged sanctions busting.
Letters have gone out from Washington to more than 30 ship operators of different nationalities â but mainly Greek â demanding proof that they have not been carrying Siberian crude priced above $60 per barrel.
European political leaders have been meeting behind the scenes to discuss how they can make the oil price cap sanctions on the so-called dark fleet and other vessels more effective in future.
Fuel oil trades are also being targeted by the US Department of the Treasuryâs Office of Foreign Assets Control, known as Ofac, sending shivers through a chartering community that is fearful its ships might be held up in future.
The clampdown comes amid reports that the US-led price cap aimed at weakening Kremlin revenues and, therefore, war efforts in Ukraine are being almost completely circumvented.
A senior European government official told the Financial Times that âalmost noneâ of the shipments of Russian seaborne crude last month was executed below the $60 limit imposed by the US and G7 countries.
These comments support official â though often disputed â statistics from Moscow, which claim that the average price obtained by Russian crude sellers was above $80 in October.
In a bid to turn this around, G7 countries have been looking at trying to tighten their restrictions. The UK has just imposed sanctions on Dubai-based oil trader Paramount Energy & Commodities for allegedly deploying âdeceptive shipping practicesâ.
Ofac wants to know from tanker owners what kind of due diligence was done on a fleet of nearly 100 vessels believed to have carried Russian crude above the agreed price cap.
It has already urged charterers to only use vessels registered with members of the blue-chip International Association of Classification Societies.
It wants tanker users to double-check that freight and customer costs are not being bundled together to cheat on the price cap.
Toughening up
The letters sent out from Ofac â about which the Treasury has not commented â appear to herald a harder line by Washington that spells jeopardy for tanker owners carrying Russian exports.
Most industry experts say the US had been somewhat lax about the issue, although two vessels and their owners were put on an Ofac blacklist last month and certainly more can be expected to follow.
Washington and the West have been distracted.
The terrorist attack on Israel followed by the 10,000 civilian deaths in the retaliatory and ongoing bombardment of Gaza has swung attention from the Black Sea to the Middle East Gulf.
Angeliki Frangou, chief executive of Navios Maritime Partners, said this week that soaring US government debt, unprecedented monetary policy, economic woes in China coupled with war in Ukraine and Gaza made this âone of the most dangerous times in historyâ.
She said the big threat posed by Palestine was that conflict extended outwards into the wider Middle East, putting at risk the 40% of world oil passing through the Strait of Hormuz.
Takeshi Hashimoto, Frangouâs counterpart at Japanâs Mitsui OSK Lines, said he was more concerned about geopolitical risk than he was about uncertainty over the economies of the US and China next year. And yet more oil is needed than ever. On Tuesday, the International Energy Agency upgraded its oil demand growth expectations for 2023 by 2.4m barrels per day to reach a record 102m bpd.
Leaky sieve
The US is now said to be pumping 19.8m bpd â much higher than its largest rivals Saudi Arabia and Russia, which are both holding back export volumes to keep the price up.
The increased long-haul routes needed to move oil from the US have been boosting tanker freight rates, but the IEA is still expecting a slight reduction in oil demand in 2024 to less than 1m extra bpd.
The agency said Russia was having to pay more for its shipping â up to 35% more in freight costs from the Baltic to India during October â but higher export volumes are making up for any lost Kremlin revenues.
Sanctions may often seem as effective as a leaky sieve, but tanker owners and charterers moving Russian crude and products are clearly now under greater threat of blacklist and seizure
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