Marine Link
Sunday, December 4, 2016

Tanker Rates Are

July 25, 2000

Caribbean crude tanker rates shot through the roof as oil poured towards the United States, brokers said. Typical rates for 70,000 ton upcoast U.S. liftings soared past W300 ($12.25 per ton) - up around 20 points on the previous day and about 75 points over a week ago. Increased crude production by Venezuela and Mexico was reportedly causing the spike. Increased VLCC arrivals from the Middle East was also putting pressure on Aframax supply in the U.S. Gulf as the 80,000 ton ships were used to lighter oil to terminals from the two million barrel supertankers. Panamax 50,000 ton rates were also seen crossing the W300 barrier as demand for the smaller vessels was pulled upward by the squeeze on Aframaxes. Pressure on available VLCCs in the Middle East was also pushing rates up again with W95-97.5 seen attainable for modern ships heading to the U.S. (about $16.00 per ton) or Europe.


 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News