Clean Tanker Market Stagnant

Tuesday, August 07, 2001
Conflicting forecasts were circulating in the Asian clean tanker market during the ninth week of stagnant trading, brokers said. "Next week there's plenty of ships but there's nothing prompt, so the supply side is looking good, but the demand side is a disaster," said a Singapore broker. "There simply is no demand." He pegged the benchmark route from Singapore to Japan at W230 ($15.04 per ton) for 30,000 ton cargoes, down 10 points from the middle of last week. "It'll fall another five points before the end of the week," he added. The route touched W300 in June. "Gone are the days of charterers fixing seven or more days ahead. They're just waiting around, taking a chance at picking off the more desperate owners," said another. Longer term, some brokers were optimistic that trade would pick up across the Pacific, removing ships from the region and tightening up Asian supply fundamentals. "I don't think it'll go haywire, but maybe it'll pick up a bit," said one Oslo broker. He said Texaco had booked the Dynamic Express for a transpacific cargo. Oslo broker Fearnleys said in a report last week that the effect had already kicked in: "The Far East looked slightly better, as USWC again starting to take off," it said. Singapore brokers said the Bro Caroline had been booked transpacific last week along with a Mitsui-owned vessel, but dismissed any talk of the trade picking up significantly. One said that some tanker owners had ballasted to the Mideast Gulf in the hope of picking up cargoes from there for East African destinations. Oslo broker Lorentzen & Stemoco said that trade had remained level at W260 basis 35,000 tons. - (Reuters)
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

House Expected to Pass Bill Axing US Oil Export Ban

A bill to repeal the U.S. oil export ban was expected to pass the House of Representatives on Friday, but faces an uncertain future after a veto threat by President Barack Obama.

Teekay Veteran Glendinning to Retire

Long-time Teekay leader David Glendinning, president of Teekay Gas Services, will retire December 17, 2015, after more than 28 years at Teekay. Stepping up to replace Glendinning is Mark Kremin,

Traders Eye Floating Diesel Storage in Atlantic

Europe diesel stocks reach fresh record high; huge imports from Asia, Middle East weigh on supplies. Oil traders are preparing to store diesel in giant tankers

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.1155 sec (9 req/sec)