Crude tankers stuck in ‘rate hell’ but floating-storage pain wanes
“Yea, though I walk through the valley of the shadow of death, I will fear no evil …” begins a psalm that might comfort today’s crude-tanker investors.
Crude tankers have been condemned to an extended stay in “spot-rate hell,” lamented Stifel analyst Ben Nolan in his latest quarterly outlook. He wrote that the sector is only at the “halfway point in the very long road through the Valley of Death.” Nolan quoted Winston’s Churchill’s advice: “If you are going through hell, keep going.”
Clarksons Platou Securities estimated that very large crude carriers (VLCCs, tankers that carry 2 million barrels of crude) were earning a mere $4,100 per day on Friday. At those rates, VLCC owners bleed cash. They can’t even cover a voyage’s operating expenses.
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January 19, 2021
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(Bloomberg) An oil tanker off the coast of Iraq discovered a mine attached to its hull, the latest incident highlighting the risk to ships in the waters near the Arabian peninsula.
(Bloomberg) An oil tanker off the coast of Iraq discovered a mine attached to its hull, the latest incident highlighting the risk to ships in the waters near the Arabian peninsula.
The vessel noticed the device as it was transferring oil to another ship on Thursday afternoon, according to a statement from the Iraqi government. The Interior Ministry then formed an explosives-handling team that was airlifted to the affected tanker.