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GasBuddy News Article

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Oil-Tanker Glut Seen Rising With Returns Near Four-Year Low

Bloomberg Businessweek -- A glut of the biggest oil tankers in the Persian Gulf expanded, a Bloomberg survey showed, adding to pressure on owners facing returns near the lowest level in at least four years.

There are 20 percent more very large crude carriers available for hire over the next 30 days than there are likely cargoes, according to a Bloomberg News survey of six shipbrokers and owners today. That’s an increase of 1 percentage point from last week and up 5 points compared with a year earlier, previous survey data show.

VLCCs on the industry’s benchmark Saudi Arabia-to-Japan route are losing $5,284 a day, according to the Baltic Exchange in London. Returns have stayed negative for 14 sessions. Crude demand and export volumes have slowed as buyers delay purchases, according to Samuel Ciszuk, an oil ...


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Submitted Jul 25, 2012 By: BurntOrange
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil-Tanker Glut Seen Rising With Returns Near Four-Year Low Back to Topics
REPLIES (newest first) Post a Reply
Ahking
Champion Author Orange County

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Message Posted: Jul 28, 2012 9:25:22 PM

perhaps everyone is more energy efficient or perhaps economic activities are falling.
Wanda127
Champion Author Florida

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Message Posted: Jul 25, 2012 10:15:44 PM

You're absolutely correct DblChek.
Agarre
Champion Author Richmond

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Message Posted: Jul 25, 2012 2:32:09 PM

hmmm
mdotson
Champion Author Grand Rapids

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Message Posted: Jul 25, 2012 2:28:36 PM

Unintended consequences of sanctions on Iran? Who owns those tankers anyway?
A2J
Champion Author Richmond

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Message Posted: Jul 25, 2012 2:23:05 PM

Really
DblChek
Champion Author San Antonio

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Message Posted: Jul 25, 2012 2:11:09 PM


Drill Here.
Refine Here.
Sell Here.
Employ Here.
friday21
Champion Author Toronto

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Message Posted: Jul 25, 2012 1:50:09 PM

ok
DrCashFlow
Champion Author Massachusetts

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Message Posted: Jul 25, 2012 1:48:45 PM

Here come the mothballs and cancelled orders and eliminated dividends
sivart
Champion Author Arkansas

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Message Posted: Jul 25, 2012 1:46:49 PM

k
thirty8paces
Champion Author Baltimore

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Message Posted: Jul 25, 2012 1:44:36 PM

Oh well.
jpgilmor
Champion Author Houston

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Message Posted: Jul 25, 2012 1:43:13 PM

Ouch!
The3rd
Champion Author Jacksonville

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Message Posted: Jul 25, 2012 1:42:15 PM

Thought Iran had these all tied up.
ibhenry
Champion Author San Diego

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Message Posted: Jul 25, 2012 1:41:13 PM

HA! I found humor in this.....
19sheldon43
Champion Author Los Angeles

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Message Posted: Jul 25, 2012 1:39:52 PM

Maybe they should look for something more lucrative to ship. Oil is so last year(sarcasm)
gasper
Champion Author Edmonton

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Message Posted: Jul 25, 2012 1:39:34 PM

That is not the whole story on this article more undercover investigation is needed here.
LtRTH
Champion Author St. Louis

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Message Posted: Jul 25, 2012 1:35:16 PM

Now I guess because the ship brokers are losing money due to their vlcc's sitting idle, oil will go up to cover their loses.
mnorthwood13
Champion Author Michigan

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Message Posted: Jul 25, 2012 1:34:03 PM

Ooops...too many people shipping. Lower shipping costs that way though.
Harry813
Champion Author Iowa

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Message Posted: Jul 25, 2012 1:33:07 PM

What did they expect?
deaconjones
Champion Author Cleveland

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Message Posted: Jul 25, 2012 1:32:23 PM

WHAT THE POINT HERE???
buzzieNY
Champion Author Buffalo

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Message Posted: Jul 25, 2012 1:31:14 PM

With the price of gas consumers aren't buying other products. Tankers are coming back empty because of lack of demand.
NorthglennBill
Champion Author Denver

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Message Posted: Jul 25, 2012 1:30:47 PM

Doesn't sound like the speculators are buying the oil, pumping it onto the tankers and letting them sit waiting for the price to go up anymore. Maybe they got burnt real bad the last time they did that.
WTLITNG
Champion Author Virginia

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Message Posted: Jul 25, 2012 1:28:06 PM

Until all heck breaks out in Iran.
fishgaro
Champion Author St. Louis

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Message Posted: Jul 25, 2012 1:25:45 PM

?? OK ??
GryphonX
Champion Author Nevada

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Message Posted: Jul 25, 2012 1:23:45 PM

This doesn't make any sense ...
grammamNV
Champion Author Nevada

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Message Posted: Jul 25, 2012 1:23:03 PM

ok then
Elaine4411
Champion Author Pennsylvania

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Message Posted: Jul 25, 2012 1:17:57 PM

ok
Teddy95
Champion Author Dayton

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Message Posted: Jul 25, 2012 1:16:58 PM

Hmmm...
soakmonkey
Champion Author Nevada

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Message Posted: Jul 25, 2012 1:16:20 PM

Time to sell VLCCs?
BigBob12345
Champion Author Gasbuddy

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Message Posted: Jul 25, 2012 1:15:43 PM

The law of supply & demand finally applies to oil!!!!!!!!!!!!!!
BigDenOH
Champion Author Cincinnati

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Message Posted: Jul 25, 2012 1:14:46 PM

And?
mrinmoyd
Champion Author Illinois

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Message Posted: Jul 25, 2012 1:14:04 PM

ok
DYSKYPILOT
Champion Author Fort Worth

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Message Posted: Jul 25, 2012 1:13:43 PM

Very good.
eddyp94
Champion Author Ontario

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Message Posted: Jul 25, 2012 1:12:12 PM

And that's a good thing...
divebomber
Champion Author Nebraska

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Message Posted: Jul 25, 2012 1:11:28 PM

GOOD!
firechief
Champion Author New York

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Message Posted: Jul 25, 2012 1:10:49 PM

um OK
HawaiianGuy
Champion Author Idaho

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Message Posted: Jul 25, 2012 1:09:22 PM

Hopefully, this will add up to savings to consumers at the pump.
Connie11
Veteran Author Arizona

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Message Posted: Jul 25, 2012 1:07:53 PM

With the price of gas consumers aren't buying other products. Tankers are coming back empty because of lack of demand.
tommystar
Rookie Author Phoenix

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Message Posted: Jul 25, 2012 1:07:17 PM

And we are supposed to feel sorry for these guys???
satrn38mpg
Champion Author Raleigh

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Message Posted: Jul 25, 2012 1:06:03 PM

ok
Go_E85
Champion Author Orange County

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Message Posted: Jul 25, 2012 1:05:17 PM

...
44Irish
Champion Author Ontario

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Message Posted: Jul 25, 2012 1:00:56 PM

Zzzzzzz............
sickhp
Champion Author San Antonio

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Message Posted: Jul 25, 2012 12:59:35 PM

Cool.
arnerator
Champion Author Seattle

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Message Posted: Jul 25, 2012 12:58:43 PM

If Iran ever tries to close the straight, they will be glad those tankers are around.
dondk
Champion Author Pennsylvania

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Message Posted: Jul 25, 2012 12:57:25 PM

ok
TheHermit
Champion Author Maine

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Message Posted: Jul 25, 2012 12:56:44 PM

and the winner is........
Rehorsehay
All-Star Author California

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Message Posted: Jul 25, 2012 12:56:02 PM

Same stuff different day!
HailstormCA
Champion Author San Diego

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Message Posted: Jul 25, 2012 12:54:05 PM

Okee, Dookee!
hptd
Champion Author North Carolina

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Message Posted: Jul 25, 2012 12:52:08 PM

ok
Taxrefugee
Champion Author Arizona

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Message Posted: Jul 25, 2012 12:50:33 PM

Even the middle eastern shieks are not immune from a global economic slowdown.
BigHorne1
Champion Author Missouri

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Message Posted: Jul 25, 2012 12:50:14 PM

Hopefully with this over supply, we will start seeing some real relief at the pumps.
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