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Tanker Rates Surge after Bahri’s Surprising Charters

first_imgSaudi Arabia’s decision to flood the oil markets with up to 12.3 million b/d of crude oil, followed by reports of Bahri’s rare move to charter up to 19 supertankers, has sent daily freight rates for Very Large Crude Carriers (VLCC) skyrocketing.According to reports from Reuters, Saudi’s national shipping firm Bahri has provisionally chartered up to 19 very large crude carriers, six of them believed to be earmarked to ship crude to the United States.The action came on the back of Saudi Aramco announcing steep discounts to its official selling price for April, igniting a price war among major global producers.The discounts were announced after OPEC’s proposal to cut production of oil by 1.5 million barrels per day failed to secure support from Russia amid fears the production decrease would solely aid North American shale producers.The latest fixtures data from Tankers International show at least nine fixtures arranged by Bahri Oil Transportation for modern tankers over the past two days averaging at USD 70K per day.The fixtures further indicate that VLCCs are being hired for up to USD 299,900 per day as charterers scramble to secure floating storage for excess crude. Namely, the 2012-built Maran Antares, managed by Maran Tankers secured almost 300K per day from its charterer PTT from Thailand.This is a major shift from the daily rates that averaged at USD 30,000 just a few days ago. The surge is reminiscent of VLCC rates jumping following OFAC’s sanctions on COSCO Dalian, removing a considerable portion of tankers from the market.Hence, VLCC rates jumped to over 100,000 per day, before falling back again in February to around USD 25K on average once the company was whitelisted again.World Maritime News Stafflast_img read more

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Massive win for B’dos Pride

first_imgBRIDGETOWN, Barbados, (CMC):A dominant Barbados Pride flexed their muscle as they blitzed Combined Campuses and Colleges by 200 runs on Wednesday night, to remain unbeaten in the Regional Super50.Behind Test batsman Roston Chase’s top score of 76, the hosts stormed to 294 all out off their 50 overs at Kensington Oval before left-arm spinner Sulieman Benn (three for 25) spun a web around Marooners to send them tumbling for a meagre 94 all out off 36.2 overs.The victory was the fourth straight for Pride, propelling them to 17 points and to a healthy lead in Group B, while the defeat for Marooners was their second, leaving them on eight points.Opting to bat first, Pride’s innings revolved around Chase’s enterprise, but opener Kraigg Brathwaite stroked 44, left-hander Jonathan Carter, 40, and opener Anthony Alleyne, 39, to lend support.Brathwaite and Alleyne provided the foundation with an 86-run, first wicket stand which carried Pride near the halfway stage of the innings.When they batted, Marooners slumped to 17 for three in the 11th over and never really recovered despite Mohan’s top score of 29 and Amir Jangoo’s 23.Captain and fast bowler Jason Holder (2-14) started the rot when he removed Kyle Corbin for one to a leg-side catch by wicketkeeper Hope at four for one in the fourth over and then had Aaron Jones caught at first slip by Benn in the sixth over (0) with two runs added.Captain Jamal Smith then edged fast bowler Kemar Roach to Benn at slip in the 11th over to fall for six, to leave Marooners in turmoil.last_img read more

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SilkAirs Singapore to Cairns route

first_imgSilkAir will commence direct flights between Singapore and Cairns from 30 May next year.The new services-which are subject to regulatory approvals, will operat with SilkAir’s latest Boeing 737-800 aircraft, featuring both Business and Economy class cabins.SilkAir, the regional wing of Singapore Airlines, plans to operate the Cairns service three times weekly.SilkAir’s chief executive Leslie Thng, said:“This is an exciting development for SilkAir. With the introduction of the 737 fleet, we’re expanding our regional footprint, allowing us to further improve connectivity between Australia and our key markets in India, China and South-East Asia, in combination with Singapore Airlines’ global network.As the gateway to the Great Barrier Reef, Cairns will no doubt prove a popular destination but it also provides us with a strategic opportunity to build on Singapore Airlines’ sizeable presence in Australia to deliver more choice and great full-service value.”Queensland’s Minister for Tourism, Major Events, Small Business and the Commonwealth Games Jann Stuckey, praised SilkAir for its confidence in Queensland’s tourism sector.“SilkAir’s new services into Cairns will bring an estimated 20,000 extra visitors annually into one of Australia’s most desirable destinations,” she said.“The Queensland Government looks forward to working in partnership with SilkAir to deliver international marketing activities over the next three years to support this highly anticipated service.”Cairns will be the airline’s second Australian destination after Darwin, which was launched in 2012.Source = ETB Travel News: Megan Tranlast_img read more

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