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World’s Largest Tanker Starts 12,400 Mile Journey to Meet IMO Regulations

Gasoil News - Published on Mon, 19 Aug 2019

Image Source: Energy Ghana
Recent signals from the vessel, the world’s biggest oil tanker has begun a 12,400-mile voyage to a fuel-storage zone in Asia, the latest movement of a vessel that’s intrigued the shipping market and fuel traders for months. More than 1,200 feet long, 16 years old, and able to hold roughly a day of France’s and Britain’s combined oil consumption, Oceania will arrive at Sungai Linggi in Malaysia at the end of September. Its depth in the water and previous movements indicate the so-called ultra-large crude carrier, owned by Antwerp-based Euronav NV, has cargo on board.

Oceania, currently sailing past West Africa, has been accumulating cargoes in the Mediterranean Sea since about March. Euronav’s original plan was to use a supertanker to store fuel to help its fleet meet rules known as IMO 2020, which will force merchant ships to cut sulfur emissions. The company has declined to comment further on the matter multiple times. The vessel is Oceania, according to tanker-tracking data from Vortexa. When the ship arrives in East Asia, it will join an armada of carriers also storing products that will meet the regulations.

Mr Eirik Haavaldsen, a shipping analyst at Pareto Securities AS in Oslo, said that “This is unusual and certainly an interesting way of dealing with the IMO 2020 story. It is not without risk. But it’s interesting, and it’s also a bit more sophisticated than the rest of the shipping companies.”

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Posted By : Sanju Moirangthem on Mon, 19 Aug 2019
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