Erika Syndrome Hits Aframax Market

Friday, February 11, 2000
The Erika syndrome, by which charterers are seeking tankers younger than 20 years of age, shifted focus to the Atlantic Aframax markets, shipping brokers said. Two weeks ago oil lifters scrambled to fix modern VLCCs for Middle East to Far Eastern destinations, lifting rates by a third, on the back of anxiety about older substandard tankers after the Erika broke up off France in December. This week 80,000 tonners in the North Sea benefited from a combination of tight availability and the rush to quality while in the Mediterranean poor weather helped a two tier market develop. Million barrel rates out of West Africa were also bouyant on demand from the U.S. But VLCC rates in the Mideast slipped back between five and ten worldscale points to W58-60 (up to $6.50 per ton) for Japan and W55 ($3.50) for Singapore as February cargoes petered out. Aframax rates climbed 25 points over the week to W130 ($4.80) for North Sea inter-continental trips and W150 ($10.35) to the U.S. In the Mediterranean, newer 80,000-ton tankers were achieving up to W130 while older units were pegged back around W115. Suezmaxes in the Med climbed above W105 ($3.50) while rates to the U.S. were approaching W100 ($9.15) and for China W80.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Water Conservation Measures at Panama Canal

The water levels at Gatun and Madden Lakes are currently well below the expected levels for this time of year. Based on a comprehensive analysis of historic data,

First Subsea Wet Gas Compressor Installed

After several years of technology development, construction and testing the first subsea wet gas compressor in the world is now installed at the Gullfaks C platform in the North Sea.

Tanker Trends

NITC Claims World's Largest Supertanker Fleet

According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV.

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

NITC Tankers Chart Western Course

Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Winch
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: 0.2637 sec (4 req/sec)