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

Tanker Trends

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1106 sec (9 req/sec)