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Mediterranean VLCC loads Aframax cargo amid low rates

  • Spanish Market: Freight
  • 12/12/24

A very large crude carrier (VLCC) loaded an Aframax-size cargo in the Mediterranean, underscoring weakness in the larger tanker segment as shipowners are willing to accept lower rates.

Poland's Orlen booked the Maran Leo VLCC in late November to load 100,000t of crude in Sidi Kerir, Egypt, from 11-12 December for shipment to Gdansk, Poland, at $1.85mn lump sum. This is less than half the size of a standard VLCC cargo.

VLCCs regularly load Suezmax cargoes, but seeing a very large tanker trading on an Aframax route is rare, according to market participants, and could be symptomatic of dwindling demand.

Shrinking crude demand in China, the world's biggest oil importer, and the continuation of Opec+ production cuts have pushed VLCC rates to yearly lows. The Mideast Gulf to Asia-Pacific rate fell to Worldscale (WS) 40.5 on 11 December, equivalent to $9.52/t and just 5¢/t above a 30-month low.

China's waterborne imports for January-November at 11.5mn b/d were 600,000 b/d lower compared with the same period in 2023, according to Vortexa data. The drop is equivalent to 10 fewer VLCC voyages per month.

But market participants also said the Maran Leo may be seeking to reposition for a Hound Point, UK, to Asia-Pacific shipment, for which rates are much higher at $6.2mn. But such cargoes are rare, with just eight shipments on that route so far this year, according to Kpler data.

With lower VLCC rates, owners may want to avoid booking their vessels for longer period, as if there is a turnaround of rates, they could lose out on revenue.

Shipowner's time charter equivalent (TCE) revenues on the Mideast Gulf to China VLCC route reached as low as $12,707/d on Wednesday, according to Argus data, nearing operating costs of around $10,000/d for VLCC tankers.


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13/02/25

US wholesale inflation holds near 2-year high in Jan

US wholesale inflation holds near 2-year high in Jan

Houston, 13 February (Argus) — Prices paid to US producers in January held at nearly a two-year high, another sign of mounting inflation pressures that may keep the Federal Reserve from lowering rates for longer. Prices paid to producers (PPI) rose by 3.5pc in January from a year earlier, matching the prior month's gain, the Bureau of Labor Statistics said today. Analysts surveyed by Trading Economics had forecast a gain of 3.2pc. The PPI number follows a higher-than-expected consumer price reading Wednesday which together reinforce the message that the Federal Reserve may hold off longer on rate cuts, especially in the face of potentially inflationary trade conflicts and migrant roundups under the new US administration. PPI excluding food, energy and trade services rose by 3.4pc in January following a 3.5pc gain in December. PPI for services rose by 4.1pc in January following a 4pc gain in December. Wholesale prices for energy were flat following a 2pc annual decline the prior month. PPI for goods rose by 2.3pc in January following a 1.8pc gain in December On a monthly basis, headline PPI rose by a seasonally adjusted 0.4pc, compared with a 0.5pc gain in December and a 0.2pc increase in November. Services PPI rose by 0.3pc in December, following a monthly gain of 0.5pc in December and a 0.1pc gain in November. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Транзит контейнеров по ТМТМ может удвоиться


13/02/25
13/02/25

Транзит контейнеров по ТМТМ может удвоиться

Riga, 13 February (Argus) — Перевозки контейнеров по Транскаспийскому международному транспортному маршруту (ТМТМ) могут вырасти в два раза в 2025 г., ожидают перевозчики. В текущем году по ТМТМ ожидается поставка примерно 600 контейнерных поездов, по прогнозам участников рынка. В 2024 г. из Китая в направлении Азербайджана было отправлено 358 контейнерных блок-поездов, что в 33 раза превысило показатели предыдущего года. При этом 146 составов (15 292 ДФЭ, 20-футовый эквивалент) проследовали транзитом через Азербайджан в направлении грузинских портов. Еще 212 составов (20 956 ДФЭ) были разгружены на станциях Азербайджана. Всего на этих поездах было перевезено 27 тыс. (40-футовый эквивалент, HC) контейнеров, по данным Азербайджанской железной дороги (АЖД). В основном в контейнерах доставлялись медицинские товары, автомобили и автозапчасти, а также продовольственные и непродовольственные товары. Из Баку транзитом через Казахстан в один из крупнейших сухих портов Китая ― Сиань 24 ноября был отправлен единственный экспортный блок-поезд с 62 40-футовыми контейнерами, груженными 1,66 тыс. т кокса. ________________ Больше ценовой информации и аналитических обзоров рынка транспортировки грузов в странах Каспийского региона и Центральной Азии — в отчете Argus Транспорт Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2025. Группа Argus Media . Все права защищены.

Texas ports reopen after fog: Update


11/02/25
11/02/25

Texas ports reopen after fog: Update

Updates status of Houston Ship Channel and Sabine-Neches Waterway Houston, 11 February (Argus) — Vessel movements at the Houston Ship Channel and nearby ports resumed today after closing Monday night due to fog, a ship agent said. The Houston Pilots Association, which services vessels entering or departing the port of Houston, resumed boardings for all traffic at 2:05pm ET Tuesday after opening to only outbound traffic at 10:45am ET, the US Coast Guard said. Pilots also resumed service at the nearby ports of Galveston and Texas City after closing Monday. The port of Freeport, Texas, remained open, the ship agent said. Pilot service at the Sabine-Neches Waterway on the Texas-Louisiana border resumed at 2:30pm ET Tuesday after closing at 12:30am ET, the third consecutive day with intermittent fog closures. Vessel traffic resumed at the Louisiana port of Lake Charles at 4:45am ET Tuesday, the ship agent said. Traffic there has been halted every night since 2 February due to dense fog but has remained open during the day. The October-March period that brings cooler weather to the US Gulf coast also brings periods of dense fog that can disrupt area ports, as warmer humid air collides with colder onshore air masses. Port closures can persist for several days, leading to delays and vessel congestion. Weather forecasts indicate a moderate to high chance of fog in Texas and Louisiana through Thursday morning. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Persistent fog disrupts ports in Texas, Louisiana


11/02/25
11/02/25

Persistent fog disrupts ports in Texas, Louisiana

Houston, 11 February (Argus) — Dense fog halted marine pilot service at Texas ports again on Tuesday, a ship agent said. The Houston Pilots Association, which services vessels entering or departing the port of Houston, resumed boardings for only outbound traffic at 10:45am ET Tuesday after suspending all vessel traffic on Monday evening, the US Coast Guard said. Pilots also suspended service at the nearby ports of Galveston and Texas City. The port of Freeport, Texas, remained open, the ship agent said. Pilots halted boardings at the Sabine-Neches Waterway on the Texas-Louisiana border early Tuesday, the third consecutive day with intermittent fog closures. The waterway was last open from 8:30am Monday before closing at 12:30am ET Tuesday. Vessel traffic resumed at the Louisiana port of Lake Charles at 4:45am ET Tuesday, the ship agent said. Traffic there has been halted every night since 2 February due to dense fog but has remained open during the day. The October-March period that brings cooler weather to the US Gulf coast also brings periods of dense fog that can disrupt area ports, as warmer humid air collides with colder onshore air masses. Port closures can persist for several days, leading to delays and vessel congestion. Weather forecasts indicate a moderate to high chance of fog in Texas and Louisiana through Thursday morning. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU prepares GHG rules for transshipment


07/02/25
07/02/25

EU prepares GHG rules for transshipment

Brussels, 7 February (Argus) — The European Commission's draft regulation formally listing Morocco's Tanger Med and Egypt's East Port Said as major transshipments ports inches forward with the closure of a consultation procedure on 11 February. If the regulation is adopted with no changes, only transshipment at Tanger Med and East Port Said will tie in operators to the EU's law obliging cuts in maritime greenhouse gas (GHG) emissions, notably through cleaner fuels including LNG, biofuels and green ammonia. The listing of just Tanger Med and East Port Said is a partial solution to the continuing threat of carbon leakage for the European Sea Ports Organisation (Espo). The industry body further points to serious risks to the future of EU ports by only including ports exceeding a 65pc transshipment share into the EU, out of total container traffic. That will only capture a "small" part of evasion behaviour, said Espo. And the EU ports industry points to the ramping up of extra-EU investments, whereby shipping lines "are preparing their way out of the system". "If European ports are losing business and, at the same time, you don't have any positive impacts on emission reduction, then it's maybe not the way to go," said Espo secretary general Isabelle Ryckbost. She noted additional stops by ships now being made in the UK. "It's not clear what is leading to [the] transfer," Ryckbost told Argus . Aimed at boosting lower and zero-carbon maritime fuels, the EU's FuelEU Maritime regulation is designed to oblige ship operators traveling into, out of, and within EU territorial waters to reduce their GHG intensity on a lifecycle basis by 2pc in 2025. The reduction jumps to 6pc from 2030 and gradually reaches 80pc by 2050, all against a reference value of 91.16g of CO2 equivalent/MJ. The commission's draft implementing regulation on transshipment ports necessarily follows a similar solution to the one laid out in the bloc's reformed emissions trading system , which expanded the scope of the scheme to include maritime emissions. This foresees that only 50pc of a ship's energy used on voyages to or from Tanger Med and East Port Said to the EU port would fall under FuelEU Maritime obligations. For the last leg from Tanger Med and East Port Said to the EU port, ships would need to comply fully with FuelEU Maritime GHG intensity cuts. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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