Singapore: Two more VLCCs were fixed on Monday to be delivered at Singapore for floating storage of crude.
The Bumi Armada-operated VLCC Armada Ulysses (310,100 dwt, built 1999) was fixed on a one-year timecharter to Vitol for $37,000/day.
Another VLCC, Pioneer (306,000 dwt, built 1999), was timechartered to Koch for one year at $39,000/day. The vessel is operated by Windsor Petroleum Transport.
As SeaShip News reported yesterday, one of the world's two remaining ULCCs, TI Oceania (441,000 dwt, built 2003), was fixed by Vitol on subjects last week, and will be delivered to Singapore for floating storage. The 11-month timecharter was fixed at a rate of around $40,000 per day.
Singapore will be a key hub for floating storage of crude oil as contango market conditions for Brent crude widen. February ICE Brent crude is today trading at around a $4.26/bbl discount to May. [13/01/15]
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