Iran strikes cargo ship on U.N.-backed route
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By Florence Tan, Emily Chow and Jonathan Saul SINGAPORE, June 22 (Reuters) - Oil and liquefied natural gas tankers sailed through the Strait of Hormuz on Monday, in a sign of traffic slowly picking up after Iran said it had again closed the waterway over the weekend,
The update comes even as industry trackers showed Iranian tankers have continued to sail through the strait.
The vessels are scheduled for delivery beginning in late 2028. Ardmore also secured options for two additional vessels under similar terms. This vessel type will be the largest tonnage chemical tanker built at Wuhu Shipyard’s main base, according to the shipyard.
The retreat was led by tanker stocks, which had a weak session in New York on Wednesday. Yesterday, VLCC (TD3C) spot rates were quoted at $414,965 per day, down $94,602 from Tuesday, according to ABG Sundal Collier.
Many shipowners are just waiting for the threat assessment to be downgraded before crossing Hormuz, Frontline CEO Lars Barstad said.
The charter, struck at 897% of the Worldscale benchmark, reflects how geopolitical uncertainty and vessel shortages are colliding to create one of the most expensive freight environments in decades. The Worldscale system provides a baseline for freight costs, with percentages applied depending on market conditions.
Stocks in the shipping and tanker industry posted broad gains Monday after the U.S. implemented a naval blockade of Iranian ports following the collapse of weekend peace negotiations, although results finished well off sharp early gains. The day's gains ...
An exchange-traded fund that provides exposure to oil-tanker freight rates was soaring after the U.S. and Israel bombarded Iran and raised concern over shipping through the Strait of Hormuz. Shares of the Breakwave Tanker Shipping ETF, which is designed to ...
The investment seeks to provide investors with exposure to the daily change in the price of crude oil tanker freight futures before expenses and liabilities of the fund, by tracking the performance of a portfolio mainly consisting of the nearest calendar quarter of futures contracts on specified indexes that measure prices for shipping crude oil.
The cost of hiring an oil tanker in the Persian Gulf region has nearly doubled in the past week, as Middle Eastern producers scramble to move crude that has been stranded for months.
