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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.
The current channel depth of the canal allows for a maximum of 20.1 metres (66 ft) of draft, [2] meaning that a few fully laden supertankers are too deep to fit through, and either have to unload part of their cargo to other ships ("transhipment") or to a pipeline terminal before passing through, or alternatively avoid the Suez Canal and travel around Cape Agulhas instead.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Furthermore, some of the world's main waterways such as the Suez Canal and Singapore Strait restrict the maximum dimensions of a ship that can pass through them. In 2016, Prokopowicz and Berg-Andreassen defined a container ship with a capacity of 10,000 to 20,000 TEU as a Very Large Container Ship (VLCS), and one with a capacity greater than ...
A typical Malaccamax tanker can have a maximum length of 333 m (1,093 ft), beam of 60 m (197 ft), draught of 20.5 m (67.3 ft), and tonnage of 300,000 DWT. [2] Similar terms Panamax, Suezmax and Seawaymax are used for the largest ships capable of fitting through the Panama Canal, the Suez Canal and Saint Lawrence Seaway, respectively.
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.
[5] [6] In the early 20th century, the minimum and maximum values were measured as 4.5% and 5.4%, respectively, with an average salinity of 4.9% (i.e. 49 g of salt per kg of lake water). [5] When the Suez Canal was closed for eight years, beginning during the Six-Day War in 1967, the salinity of the lake increased substantially. [7]
Ship-to-ship transfer operations take place at open sea or at OPL (outer port limit). The involved parties are the 2 participating vessels and the Service Provider who provides the STS equipment and the qualified Mooring Master (Person in Overall Advisory Control, POAC).