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Tankers storing crude, not delivering it

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chilimama
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Post by RamblerNash Tue Jan 26, 2016 2:04 pm

Tankers storing crude, not delivering it

A new Reuters report this week says more than half of Iran’s tankers are now being used as floating storage for crude oil that the regime is unable to sell.

Last week, the Iran Times carried a Reuters report that said most of Iran’s tankers had turned off their transponders—gizmos that constantly broadcast a ship’s location so that satellites can track where the ship is going.

There was speculation Iran was selling a lot of oil and trying to protect the buyers by hiding where it was delivering its cargos.

But this week, Reuters quotes two Iran-based shipping sources, people familiar with operations at Iran’s main export terminal at Kharg Island, as saying 14 of the National Iranian Tanker Company’s (NITC) fleet of 25 very large crude carriers (VLCCs), each loaded with about 2 million barrels of oil, are now at anchor acting as floating storage.

A further five of Iran’s nine Suezmax tankers, with a capacity of one million barrels each, are also parked offshore with oil aboard, they said.

That means that of Iran’s 59-million-barrel fleet of VLCCs and Suezmax sized tankers, 33 million barrels of capacity are being used to store crude at sea in the Persian Gulf, or 56 percent of the fleet.

The shipping data suggests Iran’s difficulties in selling its oil are getting more acute. With more than half the NITC fleet at anchorage, Iran’s capacity to export oil is severely curtailed.

The Iranian shipping sources said that storage tanks on land at Kharg Island, with a capacity of some 23 million barrels, are now full.

Altogether, that means 56 million barrels of Iranian crude are being stored.  That is equivalent to 22 days of exports at last year’s rate of 2.5 million barrels a day and 29 days of production at the March estimated rate of 1.9 million barrels a day.

One of the sources told Reuters, “The NITC fleet was deployed to Kharg Island to load cargo to prevent shore tank overflows. This has been going on since March.  The tankers are fully laden.”

Reuters reported April 13 that most of the NITC tanker fleet had switched off their transponders to conceal shipping movements. “The ships’ transponders have been switched off because they don’t want to be detected,” one of the Iranian shipping sources said then.

But the transponders may not have been turned off to conceal movements.  “They are lying at anchorage. They do not navigate so they don’t need the navigation system to be on,” another source says.  That so many of Iran’s tankers are anchored may explain why much of the fleet felt able to switch off its transponders.

Ships are obliged by international law for safety to have a satellite tracking device on board when traveling at sea. However, a ship’s master has the discretion to turn off the device with the permission of the vessel’s flag state.

With half of its own fleet being used as floating storage, Iran cannot deliver large quantities of crude, as many had speculated.  It would need to hire tankers on the open market or have importers hire their own ships to maintain exports.

But traders said it would seem unlikely Iran would deploy its own tankers for floating storage if it were able to sell the crude instead.

“We are not sure if NITC will be requiring more tankers for storage but commercial tanker arrivals coming into load crude have dropped significantly in the past one month because of sanctions issues,” said one of the Iranian shipping sources.

Independent estimates are that exports fell from 2.5 million barrels per day last year to about 1.9 million bpd in March and have fallen further in April.

If it cannot find new buyers for its crude Iran’s only option other than floating storage would be to curtail oilfield production.


http://iran-times.com/tankers-storing-crude-not-delivering-it/
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Post by chilimama Tue Jan 26, 2016 2:14 pm

THX RAMBLER I WILL POST THIS WHEREVER IKO DOES LOL

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Post by RamblerNash Tue Jan 26, 2016 2:27 pm

You will never guess where I got it from. LOL

Everyone in that forum should be seeing that IKO is a fraud and just keeps fuelling up the HYPE!
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Post by chilimama Tue Jan 26, 2016 2:57 pm

WELL SOMEONE ON WSOM SAYS IT IS FROM 2012 WHEN THEY HAD SANCTIONS, I CAN'T SEEM TO LOCATE A DATE ON THE ARTICLE. HOWEVER WHEN I DID GOOGLE IT ANOTHER ARTICLE FROM DEC 2015 POPPED UP, SO I TOLD THEM THX FOR POINTING OUT HOW OLD THE ARTICLE WAS B/C IT JUST MADE ME FIND A MORE RECENT ONE, LOL.

http://oilprice.com/Energy/Crude-Oil/Oil-Tankers-Are-Filling-Up-As-Global-Storage-Space-Runs-Low.html

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Post by Ponee Tue Jan 26, 2016 3:08 pm

Thanks for sharing !

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Post by RamblerNash Tue Jan 26, 2016 3:30 pm

@chilimama wrote:WELL SOMEONE ON WSOM SAYS IT IS FROM 2012 WHEN THEY HAD SANCTIONS, I CAN'T SEEM TO LOCATE A DATE ON THE ARTICLE. HOWEVER WHEN I DID GOOGLE IT ANOTHER ARTICLE FROM DEC 2015 POPPED UP, SO I TOLD THEM THX FOR POINTING OUT HOW OLD THE ARTICLE WAS B/C IT JUST MADE ME FIND A MORE RECENT ONE, LOL.

http://oilprice.com/Energy/Crude-Oil/Oil-Tankers-Are-Filling-Up-As-Global-Storage-Space-Runs-Low.html


And here's another. LOL


https://www.dinardaily.net/t50880-worlds-largest-traders-use-offshore-supertankers-to-store-oil
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Post by Kevind53 Tue Jan 26, 2016 3:59 pm

The tankers are at anchor all over the place because shore based storage is at or close to capacity and has been for months.

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Post by Terbo56 Tue Jan 26, 2016 7:23 pm

There has been an oil 'Glut', for just about a year,and therefore is the reason that OPEC may stop production, and Iraq will not be able to sell oil that they have- The ships are loaded and at 'anchor', because there is nowhere to offload, storage facilities are at capacity, and building new ones will only add insult to injury, and I don't think OUR country will buy their oil, because we apparently can't sell what we have fast enough-It is now in limbo-
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Post by Kevind53 Tue Jan 26, 2016 8:29 pm

The companies have been building storage facilities on the US gulf coast as quickly as they can for the past year, even with that, our facilities were at better than 90% capacity.

However I have to observe that means little as far as Iraq is concerned, we actually buy very little oil from Iraq, only between 4% and 5% at last check. Other countries, like India, China and South Korea, are more important to Iraq.

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Post by Kevind53 Tue Jan 26, 2016 8:33 pm

As big or maybe a bigger concern for them could be loss of market share to Iran. Just speculating here, but that has got to be a very big concern with sanctions being released, especially since their productions costs are slightly lower.

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Post by aksafeone Wed Jan 27, 2016 1:13 am

I don't know about other counties but here in the US there are many abandoned fuel storage facilities and "gas stations" throughout.  Back in the 70's when there was a so called "fuel shortage" we discovered that tanker trucks were visiting old gas stations and depots frequently.  Further investigation revealed that these "abandoned" facilities were FULL and not empty.  When the matter was addressed to the owner of said facility it was learned that they had "leased" the facility to someone and "had no knowledge what was or was not there."  Hmmmmm, the job I had at the time required me to take some kind of action and the office did.  WE found that the fuel was being stored to prevent it from being sold causing an artificial shortage.

In this case, they may well be using tanker bottoms to do the same only now they may be using them to increase the "glut" or assist Iran in some way.  Who knows?  At any rate, this bears watching.  If for no other reason than the "interest story" that may be related to it.
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Post by Kevind53 Wed Jan 27, 2016 11:18 am

Might be, I do know that according to industry publications and other sources the storage capacity world wide is at to close to 100%. This article rings true to me, were I in the oil speculation business, and looking at prices now, I would make the same moves.

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Post by RamblerNash Wed Jan 27, 2016 11:37 am

That's part of the reason that oil producing countries that depend on it are struggling now.
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Post by aksafeone Wed Jan 27, 2016 1:45 pm

Not only oil producing countries, there are many U S States that are affected also. I live and worked in one
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