Shipbrokers say the embattled US tanker operator has fixed the 298,000-dwt Overseas Everest (built 2010) and Overseas Tanabe (built 2002) to Petrochina under a pair of contracts in which each will earn $3.8m.
Both of the VLCCs are believed to have been hired for a voyage from the Caribbean to Singapore with a cargo of 270,000 tonnes of crude oil, according to data from Clarksons Shipping Intelligence.
While many industry observers feared that OSG would have trouble chartering tonnage when it filed for Chapter 11 in the US late last year, sources say the company has gone to great lengths to combat concerns about counterparty risk.
They claim the owner and affiliates like the Tankers International pool have made an effort to explain the bankruptcy process to those who are unfamiliar with the system and are keeping new and existing clients in the loop by providing periodic updates about progress made in court.
“I think many [charterers] are more comfortable with them in Chapter 11 than out because they know their interests are protected, there is less uncertainty,” one market insider noted. “Plus, you are seeing a lot of loyalty. OSG has had a strong reputation throughout most of its history.
“Since they weren’t the first [tanker owner] to file [Chapter 11], people are more comfortable with the whole process these days too, in general. As long as they continue to pay crew wages and fuel, I think they will do OK, at least in the spot market.”
Today, shipbrokers from the US and UK told TradeWinds that modern VLCCs trading in the spot market were earning around $9,800 per day for voyages from the Middle East to Asia on average and roughly $18,800 daily when hired for trips from West Africa to the US Gulf.
