Dreamtwister wrote:So...around 33,000 barrels. You know, this is going to happen more and more often as markets get tighter.
EnergyUnlimited wrote:I do not understand why? The tighter market, the less crude to carry, means lower risk of accident.
joewp wrote:Use the EIA Kid's page calulatorLighthouse wrote:4500 tons. Ho many barrels are this?
Etalon wrote:Commercial vessels are notorious for very lax watch keeping. They tend to sit inside the bridge, relying on shipping lanes and radar to keep them safe.
Shipwrecked sailors know the best ship to encounter is a military vessel, as they have good watch keeping. Your probably more likely to get run down by a commercial ship than rescued by it.
That said, a collision between two large ships? Both would show up on both ships radar.. how did they manage to do this? That really is some lax watch keeping.
ClassicSpiderman wrote:I think what he means is that as the spare capacity to deliver crude oil becomes tighter, that regulation and safety will be sacrificed in order to ensure the supply.EnergyUnlimited wrote:I do not understand why? The tighter market, the less crude to carry, means lower risk of accident.
nth wrote:Platts Not only do we have a glut in refined-oil tanker per this article, but we are getting new shipyards ramping up production for the next few years.(see China and South Korea) We will not be restrained on oil tanker capacity at all, unless Iran starts sinking oil tankers in the Persian Gulf.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Tanada wrote:Hang on a bloody dang second here, I have been hearing for YEARS that we are about to have a tanker shortage because all the single hull tankers are being scrapped due to new international laws, now you are saying we have a tanker glut? Who is telling the truth? Sorry if I sound cranky but I have a head cold and my irritibillity level is way up!nth wrote:Platts Not only do we have a glut in refined-oil tanker per this article, but we are getting new shipyards ramping up production for the next few years.(see China and South Korea) We will not be restrained on oil tanker capacity at all, unless Iran starts sinking oil tankers in the Persian Gulf.
DantesPeak wrote:On the other hand, keep in mind that oil exports, and the demand for tankers,will peak before total peak oil production peaks - as producers keep more oil for their growing populations.
NEW YORK (AP) -- Stocks of companies that own and operate crude oil tankers finished lower Monday after rates for the vessels plunged more than 20 percent on supply concerns.
In a client note, Jefferies & Co. analyst Douglas J. Mavrinac said rates for crude oil tankers took a hit last week when OPEC said crude exports would not increase in August as expected, and maintenance in some Asian refineries lowered demand and led to a tanker surplus.
Mavrinac said tanker rates should remain weak until a possible rebound in fall or winter, when OPEC is expected to increase production to satisfy fourth-quarter demand.
eastbay wrote:I wouldn't worry too much about that. Oil tankers have an average lifetime of around 25 years meaning, one would presume, about 4% are taken out of service annually. The demand for huge tankers will remain for quite a few more years and someone has to build them.
Frontline fell 10 to 291 on renewed concerns about weakening charter rates, dealers said.
Traders in Oslo cited a report in today's Finansavisen newspaper pointing out that, despite strong crude prices, tanker rates have dropped steadily in recent weeks, with rates for VLCCs coming west from the Gulf now falling below 21,000 usd per day.
Analysts have frequently raised concerns about the impact excess capacity will have on charter rates as new vessels enter the market.
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