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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Tanker Trends

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

Rosneft Ships First Oil From Chayvo Field

Rosneft commenced shipment of crude oil extracted at the Northern Tip of Chayvo license off the coast of Sakhalin, with the first tanker carrying Sokol-grade crude leaving port on November 21.

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1138 sec (9 req/sec)