Bloomberg: Supertankers Delayed in China as Nation Fills Strategic Reserves

“Delays emptying supertankers at ports in China are spiraling as the world’s biggest energy consumer scours the globe for alternatives to Iranian oil to fill its strategic reserves, driving up shipping costs. Very large crude carriers hauling 2 million-barrel cargoes are waiting as long as 10 days to discharge, compared with two normally, Ody Valatsas, chartering manager of Dynacom Tankers Management Ltd., an Athens-based owner of 11 of the vessels, said by e-mail today. . . . The cost to ship Middle East oil to Asia, the biggest VLCC trade route, rose 29 percent to 64.08 industry-standard Worldscale points since the start of the year, according to data compiled by Bloomberg. Daily earnings on the route advanced 90 percent to $39,532, data from shipbroker Poten & Partners show. China was the largest buyer of Iranian crude in 2010, according to the U.S. Energy Department.”