North Sea Tanker Markets are Lowest in One Year

Wednesday, May 30, 2001
North Sea tanker markets have tumbled further in the last few days to levels not seen in over a year, brokers said on Wednesday.

"The Aframaxes (80,000 tons) are definitely in trouble," said a London broker. "The last (fixture) seen was at W120 ($0.64 per barrel), but I think even that's a bit generous. It's hard to judge as there's nothing being done."

Oslo brokers said that Laguna had fixed a ship for an 80,000 ton cargo from Ventspils to northern Europe at W117.5 ($0.90), while London's Baltic Exchange downrated its assessment of the trade by 12 points on Wednesday to W121 ($0.93).

"There's just no demand," said the London broker, "and the position lists are getting longer and longer."

One million-barrel ship was fixed from Mongstad to Quebec by Ultramar at a very promising W120 ($1.10 per barrel), seven points up on fixtures done on Friday.

But brokers said this was misleading and the transatlantic market was much lower.

Ultramar had paid above the odds, said one, because the loading date was extremely prompt and because of difficulties associated with unloading at Quebec.

He said that owners had put in offers at W120 for an Exxon cargo from Mongstad to the U.S. Gulf, and Exxon was likely to conclude the deal in the region of W110 ($1.01 per barrel).

Maritime Today


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

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

Tanker Trends

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Nordic Shipholding Profits below Market Expectations

For the 3 months ended 31 March 2016, Nordic Shipholding A/S generated a profit after tax of USD 1.5 million, compared to USD 2.7 million in the same quarter last year.

Euroseas Faces Headwinds, Reports Loss

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes,

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.0996 sec (10 req/sec)