Louisiana Light • 2 days | 91.90 | -1.36 | -1.46% | |||
Bonny Light • 2 days | 96.05 | -1.12 | -1.15% | |||
Opec Basket • 2 days | 95.82 | -1.18 | -1.22% | |||
Mars US • 20 hours | 90.45 | -0.90 | -0.99% | |||
Gasoline • 10 mins | 2.613 | -0.006 | -0.24% |
Bonny Light • 2 days | 96.05 | -1.12 | -1.15% | |||
Girassol • 2 days | 97.38 | -0.81 | -0.82% | |||
Opec Basket • 2 days | 95.82 | -1.18 | -1.22% |
Peace Sour • 11 hours | 84.16 | -0.82 | -0.96% | |||
Light Sour Blend • 11 hours | 84.66 | -0.82 | -0.96% | |||
Syncrude Sweet Premium • 11 hours | 93.26 | -0.82 | -0.87% | |||
Central Alberta • 11 hours | 84.16 | -0.82 | -0.96% |
Eagle Ford • 2 days | 86.76 | -0.92 | -1.05% | |||
Oklahoma Sweet • 2 days | 86.75 | -1.00 | -1.14% | |||
Kansas Common • 3 days | 81.50 | -0.25 | -0.31% | |||
Buena Vista • 3 days | 96.15 | -0.03 | -0.03% |
Microsoft’s heavy investment in AI…
The ongoing UAW strike with…
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
As a student did you ever put your car into neutral when on a hill and coast along under the power of gravity in order to save those precious few drops of fuel? Well it seems as though that sort of practice is even in use in the international shipping business.
As an attempt to cut back on rising fuel costs, the largest cost centre in the shipping and transport sector, a tanker owned by Europe’s largest publically traded commodity shipping company, DS Norden, turned off its main engine and drifted for more than 200 miles.
The 47,400 ton Nord Integrity was on its way to Algeria to pick up a cargo of transport fuels, such as gasoline and diesel, when the conditions aligned enough for it to turn off its engine and float along for three to four days, covering 280 nautical miles and saving $17,000.
Related article: No Energy in U.S. Energy Debate
Jens Malund Jensen, head of Norden’s product tanker operations, assured that the voyage complied with all safety regulations, and that this practice would never be attempted with a tanker that was carrying a cargo. In order to successfully carry out such a manoeuvre, the wind and current conditions must be perfect, and the vessel must have enough time and space to move safely if necessary.
Per Mansson, the managing director of Norocean Stockholm, believes that we “could see more of this on specific routes, given how fuel prices are. It’s never difficult as long as the currents are right.”
In 2012 Norden spent $651 million on fuel, accounting for 67% of its total voyage costs.
By. James Burgess of Oilprice.com
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com