What Crew Members Say About Sa-Europe

In a significant move within the maritime industry, one of the globe's largest crude oil tankers, the TI Europe, has reportedly been secured on a period charter. This news comes from credible broker sources, highlighting the ongoing evolution in oil transportation. Owned by Euronav, the Ultra Large Crude Carrier (ULCC) has an impressive deadweight tonnage of 441,600 and was constructed in 2002. Although the details surrounding the identity of the charterer remain undisclosed, it has been confirmed that the agreement is set for an entire year, with the daily charter rate yet to be revealed. Given current oil market conditions, demand for super-sized tankers has diminished, prompting traders to utilize ULCCs like the TI Europe along with its sister vessel, the Overseas Laura Lynn, also weighing in at 441,600 dwt and launched in 2003, for floating storage purposes. Previously, the TI Europe was chartered by Unipec in August 2014 for floating storage operations off the coast of Singapore. That contract concluded earlier this month, with reports indicating that Unipec was paying around $40,000 daily for its usage. New offers for the vessel have emerged with competitive bids hovering around $36,000 per day. This development underscores the shifting dynamics within the oil freight market and the strategic maneuvers of industry players.

(Reuters) – The TI Europe, a colossal supertanker owned by the UK trading division of China's Sinopec, is set to hit the market again after Unipec UK has opted to relinquish its lease. This decision comes amidst ongoing fluctuations in global oil prices, which began their decline two years ago. Unipec UK initially secured the lease for the TI Europe, one of only two Ultra Large Crude Carriers (ULCCs) that can accommodate over 3 million barrels of crude oil, in the strategic Straits of Malacca back in late 2014. This acquisition coincided with a significant downturn in oil prices, which fell below $100 per barrel, leading to an overflow of crude oil in onshore storage facilities worldwide.

In a strategic move, Unipec, the oil trading subsidiary of China's Sinopec, has provisionally acquired an ultra large crude carrier (ULCC) for potential crude oil storage in Singapore, according to market insiders. The vessel in question, the TI Europe, boasts a deadweight tonnage of 442,000 and was built in 2002. Unipec has entered into a six-month time charter agreement for the TI Europe at a daily rate of $25,600, sources including brokers, shipowners, and charterers revealed. Furthermore, there is an option to extend this charter for an additional six months at a rate of $28,600 per day. Previously, the TI Europe served as a floating storage unit for fuel oil, operated by Litasco and St Shipping, which is affiliated with trading giant Glencore. A VLCC owner noted the market's contango situation, suggesting that the charter is indeed aimed at crude storage based on prevailing market conditions.