Subscribe to RSS feedVLCCs avoid Suez Canal to beat pirates and cut costs
by
Obsidian
—
last modified
Feb 12, 2009 12:00 AM
Owners of very large crude carriers are avoiding the Suez Canal and travelling to western destinations from the Middle East by the Cape of Good Hope to avoid piracy in the Gulf of Aden.
Last year's slump in oil prices and the recent drop in charter rates for VLCCs is also behind owners' decision to switch voyage routes, said analysts.
Data from Lloyd's MIU's Apex service shows that just three VLCCs went through the...
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