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Simpson Spence Young Goes Carbon Neutral | Hellenic Shipping News Worldwide
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Gas Shortfall Sets Up Desperate Scenario
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Natural gas prices rally as global shortages abound
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Oil tanker charter rates skyrocketed in the U.S. with refiners scrambling for ships to store fuel that has nowhere to go due to a cyberattack on the country’s main pipeline.
Companies such as Marathon Petroleum Corp, Valero Energy Corp and Phillips 66 were in the process of chartering several oil tankers for floating storage, according to shipbrokers who asked not to be identified. Ships can serve as offshore tanks during unexpected oversupply situations, such as last week’s shutdown of the Colonial Pipeline that halted fuel flows from refineries to customers along the East Coast.
“There’s no longer a market,” said shipbroker Simpson Spence Young in a May 10 report. It’s become “a smash and grab scenario with charterers focusing on securing tonnage.”
Close to a dozen tankers of different sizes also were provisionally booked or fixed to move so-called clean petroleum fuels such as gasoline and diesel from the Gulf Coast to destinations trans-Atlantic, or to other regions such as the Caribbean, Far East and also Brazil, according to the report. The flurry of interest sent rates soaring May 10, extending a spike in activity seen late May 7.
The shutdown of the Colonial Pipeline has caused supply dislocations across the Gulf Coast, as well as the northeastern and southeastern U.S. Rising stockpiles are prompting refineries along the Gulf Coast to snap up tankers for floating storage and exports with some mulling run rate cuts even as fuel flows from Europe rise opportunistically into the Atlantic Coast.