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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 ).
Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains ...
SS Torrey Canyon was an LR2 Suezmax class oil tanker with a cargo capacity of 118,285 long tons (120,183 t) of crude oil. She ran aground off the western coast of Cornwall, United Kingdom, on 18 March 1967, causing an environmental disaster. At that time she was the largest vessel ever to be wrecked.
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On 29 April 2023 the Iran Navy seized a Marshall Islands flagged Suezmax tanker, the Advantage Sweet, laden with oil from Kuwait and bound for Houston, off Muscat. The US Navy said it was "at least the fifth commercial vessel [seized] by Tehran in the last two years". It appeared that the vessel managers were Turkish and the owner was Chinese. [18]
The freight rate of a tanker charter party is specified in one of four ways: by a lump sum rate, by rate per ton, by a time charter equivalent rate, or by Worldscale rate. [50] In a lump sum rate arrangement, a fixed price is negotiated for the delivery of a specified cargo, and the ship's owner/operator is responsible to pay for all port costs ...
In ocean shipping, 2019 is shaping up to be a tantalizingly strong year in the wet and dry bulk trades. Very large crude carriers (VLCCs), larger and midsized dry bulk carriers, liquefied ...