Supertankers May Halt Oil Trade


	Supertankers May Halt Oil Trade

BartendingBear

9-24-2009 8:47 AM

119 views

BartendingBear says:

Watch gas-pump prices soar when they do.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/fe3d0c78-5b49-4759-bd10-2971ae6fe13f/56E35862-1736-4834-A403-9C50969E2850/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.hellenicshippingnews.com/" href="http://www.hellenicshippingnews.com/" style="font-size: 11px;">www.hellenicshippingnews.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/www.hellenicshippingnews.com/img/16ECA02E-901D-4F58-8606-B6D725BD5AC6" alt="" /></div></blockquote><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content7.clipmarks.com/images/clip-icon.gif" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93" href="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93" style="font-size: 11px;">www.hellenicshippingnews.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.hellenicshippingnews.com/img/97C1FCF9-AE3B-4E65-AF3B-B746192F01ED" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93">Supertanker owners may start refusing cargoes within the next three months unless rates return to a profitable level, said Frontline Ltd., the biggest operator of the ships which carry almost half the world’s oil. Ship owners are contributing $942 a day toward fuel costs to ship
Middle East crude, according to the London-based Baltic Exchange. Rates
have been below operating costs since July. 
Should the losses persist,
some owners may choose to idle their ships, according to Jens Martin
Jensen, Singapore-based chief executive officer of Frontline’s
management unit</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.hellenicshippingnews.com/img/21BA1A17-BAE1-4F1E-A8D3-0E74AEA1E1F1" alt="tanker342412_thumb.jpg" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93">“If you see another quarter, then I think owners have to do something,”
Jensen said by phone today. “We are subsidizing oil companies.”</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93">The five-member Bloomberg Tanker Index, led by Frontline, dropped 19
percent this year, extending last year’s record 49 percent slump.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93">The slump is triggering an acceleration in the demolition of aging
carriers</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=63611&Itemid=93">Frontline is sailing its carriers more slowly to conserve fuel</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/56E35862-1736-4834-A403-9C50969E2850/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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