Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Morgan Stanley Ships Jet Fuel to Alaska as Bookings Gain

Don't Miss Out —
Follow us on:

Feb. 28 (Bloomberg) -- Morgan Stanley is shipping a jet-fuel cargo at least 3,800 miles to Alaska as the owner of the world’s biggest brokerage expands the number of tankers it charters, according to shipbroker reports.

The investment bank booked the 228-meter (748 foot) Two Million Ways for $1.3 million to load the 60,000 metric-ton cargo of jet fuel in South Korea at the start of next month, according to Athens-based Optima Shipbrokers Ltd. The vessel was previously in Singapore, ship-tracking data show.

Morgan Stanley, Barclays Capital and J. Aron & Co., owned by Goldman Sachs Group Inc., are among the financial firms that ship cargoes and profit from price gaps between different regions, said Nigel Prentis, research director at HSBC Shipping Services Ltd. Morgan Stanley hired 141 tankers to haul crude and refined oil product cargoes last year, according to Clarkson Research, a unit of the world’s biggest shipbroker. That’s a 68 percent increase compared with 2010, the data show.

“They have the depth and trading knowledge to take advantage of pricing anomalies in different markets and become big players,” Prentis said today by phone in London. “They have stuck with shipping when the markets are up and when they came down, so they are presumably making money.”

Morgan Stanley hired 26 oil tankers so far this year compared with 17 vessels in the same period in 2011, according to Clarkson data.

Hugh Fraser, a London-based spokesman for Morgan Stanley, declined to comment.

To contact the reporter on this story: Rob Sheridan in London at rsheridan6@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.