Gulf Tanker Rates Fall

Thursday, August 11, 2005
Crude tanker rates from the Arabian Gulf to Asia on 2mn-barrel tankers fell to its lowest in more than six weeks as the ships available at the end of August outnumber cargoes, according to a Bloomberg report. In less than a month freight rates for VLCCs reportedly have dropped 40 percent as charterers held back from hiring vessels, allowing a surplus to build up. GS Caltex Corp, South Korea’s second-largest oil refiner, booked a VLCC, Hebei Mountain to load crude on August 23 at WS 62.5, as measured in Worldscale points, shipbrokers including Oslo-based PF Bassoe said in notes to clients. GS Caltex’s rate is 5.5 points, or 8 percent, down from yesterday on the benchmark route to Japan, Bloomberg data show. Transport costs on the route are $1.10 a barrel compared with $1.20. Petron Corp, the largest Philippine oil company, booked a vessel at the same rate.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Teekay LNG Partners Declare 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 September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Odfjell's Tanker Overhaul Seeks to Slash Emissions by 20%

Norwegian tanker shipper Odfjell announced it is upgrading the propulsion systems aboard 19 of its chemical tanker vessels in a move that aims to reduce its fuel


Korean Shipbuilders in Red

South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships.

Adani Ports, L&T Ink Pact for Kattupalli Port Operations

Adani Ports  has entered into a non-binding Memorandum of Understanding with L&T Shipbuilding Limited (L&T) for evaluating the operations of the port at Kattupalli,

Transatlantic Eastbound Rates Fall

Transatlantic eastbound chemical freight rates dropped slightly this week on a continued lull in the spot market, ICIS reports  brokers as saying. It was the second drop in as many weeks.

Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Sonar 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: 0.1150 sec (9 req/sec)