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Buccaneering raises the price

Buccaneering raises the price
Hijacking of Sirius Star pushes up the price of crude oil.

Sirius Star buccaneering increases oil price

NEWS of the hijacking by Somali pirates of the 319,430 dwt Liberian-flag VLCC Sirius Star helped push up the price of crude oil yesterday. US light crude for December contract rose 2%, or US$1.24 a barrel to $58.28 while Brent crude rose 27 cents to $54.51 a barrel.

The hijacking of the Saudi Arabian-owned tanker has caught the attention of the world's media which is now also starting to focus on the wider piracy issue.

Meanwhile Stolt-Nielsen has confirmed that the chemical tanker Stolt Valor, chartered to a Stolt-Nielsen subsidiary, was released on Sunday morning by its hijackers, who took control of the ship two months ago. The company says that all crew members were unharmed.

The company says, however, that it remains ?deeply concerned with the welfare of the crew members of M/T Stolt Strength?, also a time-charter ship, which was hijacked on 11 November 11 and continued to be held by the hijackers in the Gulf of Aden. Stolt Tankers B.V. follows all established and recommended procedures designed to support the safe passage of ships in the region. In addition, the Company is through various membership organisations promoting further action to protect seafarers and trade through the Gulf of Aden.


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