Shares of leading oil tanker companies broke records at the close on Tuesday and surged again on Wednesday as costs for shipping crude oil on some of the world’s most prominent export routes struck 30-year highs.<\/p>\n
Routes linking OPEC producer Nigeria to consumers in the United States and Asia have soared over 90 percent in a month.<\/p>\n
Other core freight rates for shipping crude oil are within a whisker of breaking records as winter oil demand in the northern hemisphere eats into shrinking fleet capacity.<\/p>\n
Big players in seaborne transportation include U.S.-based Teekay Shipping Corp., Norway’s Frontline, Japan’s Mitsui OSK Lines, U.S-based Overseas Shipholding Group (OSG) and OMI Corp. . They have all seen their shares sail to record highs on the wave of bullish sentiment.<\/p>\n
Shares in Teekay, OSG and OMI Corp have doubled in value this year as OPEC pumps at full tilt, while Frontline’s shares have tripled.<\/p>\n
Many leading oil shippers are expected to announce record profits this year as the maritime sector booms.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of leading oil tanker companies broke records at the close on Tuesday and surged again on Wednesday as costs for shipping crude oil on some of the world’s most prominent export routes struck 30-year highs. Routes linking OPEC producer Nigeria to consumers in the United States and Asia have soared over 90 percent in […]<\/p>\n","protected":false},"author":8,"featured_media":2169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[71],"sponsor":[],"class_list":["post-2168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news","tag-united-states"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/comments?post=2168"}],"version-history":[{"count":1,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2168\/revisions"}],"predecessor-version":[{"id":2170,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2168\/revisions\/2170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/media\/2169"}],"wp:attachment":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/media?parent=2168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/categories?post=2168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/tags?post=2168"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/sponsor?post=2168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}