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

Tanker Trends

Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas

Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Finance

Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept.

USACE Gets Bird’s-eye View of Houston Ship Channel Growth

The 53rd U.S. Army Chief of Engineers and Commanding General of the U.S. Army Corps of Engineers, Lt. Gen. Thomas P. Bostick, visited the Port of Houston Authority

Kenya's Mombasa Port Traffic Up 13% in H1

Container traffic through Kenya's biggest port grew by 12.8 percent in the first six months of the year after new cargo handling infrastructure was built to shorten the turnaround time for ships.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Winch
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: 0.1079 sec (9 req/sec)