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The big news for ocean shipping freight rates this week is demand out of the oil-producing nations of West Africa, which is pushing up rates for the second-largest category of crude oil tanker.
"Suezmax" is a naval architecture term for the largest ship measurements capable of transiting the Suez Canal in a laden condition, and is almost exclusively used in reference to tankers. The limiting factors are beam , draft , height (because of the Suez Canal Bridge ), and length [ 1 ] (even though the canal has no locks ).
As at 2010, the company operated 28 Very Large Crude Carriers , nine Suezmax and five Aframax tankers. It also owns three chemical vessels and a liquefied petroleum gas carrier. [6] As of January 2011, NITC has 46 tankers with an annual capacity of 10.6 million tons to be increase to 12.5 million tons by the end of the year. [7]
U.S. consumers will see higher prices at the gas pump from President Donald Trump's decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders. The ...
The oil tanker St Nikolas (formerly Suez Rajan) has been involved in two geopolitically prominent seizures, by the United States and Iran.In April 2023 the Greek-managed Marshall Islands-flagged oil tanker Suez Rajan was seized by US authorities, for breaching US sanctions against Iranian oil, which fell under US jurisdiction due to the use of US financial services.
On Thursday, West Texas Intermediate rose about 1% to hover above $74 per barrel, while Brent traded near $77. Both contracts are up roughly 10% and 8%, respectively, since early December.
The company's current fleet (as at 31 March 2021) totals 11 DPSTs, 9 VLCCs, 28 Aframax, one Panamax, 6 Suezmax and 19 clean tankers. Expansion plans include a further 11 vessels that are currently being built. The latest fleet list can be found on their website. [6]
That seasonal price impact could add another 30 cents per gallon, putting the total increase in gasoline prices at $1 per gallon if the tariffs remain in place at the onset of spring, Fitzgerald said.