Tanker Trends

Friday, March 17, 2000
Mideast Rates Climb As Heavy Fixing Seen

Freight rates for crude tankers loading early April in the Middle East were climbing early last week as shipowners held out for higher prices in expectation of heavy vessel fixing, brokers said. VLCC rates to the U.S. Gulf were expected to rise five or more Worldscale points to W62.5-65 ($10.75 per ton) for the next done fixture, some brokers said. Japan shipment prices were also lifting with the latest bookings at W70 ($7.50 per ton), up from W67.5 in the week before.

"We believe this week will be heavy for one reason alone, there will be placement of barrels West to alleviate the shortage that the U.S. market is stressing," broker Marinav Shipping & Trading forecast in its March 13 report.

"Owners are holding out to get the rates to go higher because of bunker costs," another broker said.

Marinav predicted an early release of Iraqi barrels heading to the U.S. Bunker fuel prices fell back by more than $15 in Singapore to about $178, after going over $200 a week earlier.

However, levels were still high enough to make longhaul journeys uneconomic, particularly for older ships. A lack of suitable modern tonnage available early April for U.S. acceptances was also encouraging owners to push for higher rates.

"Everybody appears to be waiting for the first company to pay over W60 to the U.S.," another broker said.

"If there is a hold back then it will be charterer's playing at getting the best they can out of the owners rather than all coming into the market place like they did four weeks ago," Marinav added.

Other sectors appeared to be softening, though. Slow activity in the Mediterranean and North Sea saw Aframax rates coming off a couple of points to about W167.5 ($5.50 per ton) and W182.5 ($6.75), respectively for modern ships, brokers said. Suezmax business was also quiet with rates largely unchanged from the end of last week. - (Reuters)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Tanker Trends

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

Canada Says Lifting Some Sanctions Against Iran

The Canadian government said on Friday it was lifting some sanctions against Iran, including the broad ban on financial services, imports and exports, making Canadian

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0743 sec (13 req/sec)