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 Today


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

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

Tanker Trends

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

A Look Back At The Tanker Market

The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market,

TEKEVER Develops Vessel Tracking for Small UAS

TEKEVER will present at Xponential/AUVSI its new vessel detection capabilities for its UAS product lines. Available for TEKEVER’s AR3 and AR4 product lines, the

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0988 sec (10 req/sec)