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Expansion of Suez will cause VLCC shake-up.
(From Lloyds List)
Byline: SCAs waterway plans would allow fully laden VLCCs to use the canal cutting transit times, writes Martyn Wingrove
TANKER markets could change radically if the Suez Canal Authority goes ahead with its $1bn expansion plans by 2010, allowing fully laden very large crude carriers to move between the Mediterranean and Red Sea.
There could be winners and losers in the tanker markets from a move to widen and deepen one of the world's most used canals.
Charterers may benefit more than tanker owners from the opening of the canal to VLCCs as the route could offer shorter transit times for Middle East crude to Europe and the US than going round the Cape of Good Hope.
Tanker owners may benefit from rising demand for VLCCs to move European crude to Asian refineries with new routes opening up.
Putting this in context, in the past 12 months there were 484 VLCC voyages from the Middle East to either North America or Europe, according to data from Lloyd's MIU Apex department.
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