Rizhao port of Shandong province is to build an additional 300,000 tonnes class (VLCC) crude oil terminal to further improve its crude oil transportation service.

North Chinese port operator Yantai Port Group has signed agreements with two subsidiaries of PetroChina to jointly build the LNG receiving station at west port area of Yantai Port and facilities of a 300,000 tonne-class crude oil terminal.

Trafigura is set to export significant volumes of crude oil from the US as it signs a long-term agreement with Plains All American Pipeline.

The ban of Qatar vessels from many ports in the Middle East region could impact the VLCC market according to Affinity Research.

China Merchants Energy Shipping (CMES) has boosted the scale of its seaborne energy trade with the UAE in the Middle East following an earlier pact made between the two countries’ state-owned oil firms.

Foreign demand for Iranian crude has more than doubled since sanctions against Iran were lifted early last year, according to new data from Vessels Value. 

Tanker market prospects were a major item of conversation at the annual shipping conference hosted by the Hellenic American and Norwegian American Chambers of Commerce in New York with this year’s theme was “Shipping Survivors”.

A record high crude oil tanker delivery amounting to 5.5m dwt in January has instantly threw the sector's demand-supply out of balance and put pressure on freight rates, according to a latest report by Bimco.

China’s Unipec remained by far the largest spot charterer of crude tankers in 2016 according brokers Poten.

Crude tanker shipping is anticipated to be negatively impacted following the decision by Opec to trim output, according to DNB Markets.

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