Caribbean Upcoast Trade Experiences Downturn

Tuesday, April 03, 2001
Shipping's most volatile market, the Caribbean upcoast trade, has plummeted in the last few days to levels not seen since last November and freight costs are now less than half of what they were just two weeks ago, brokers said on Tuesday.

But they were also quick to point out that this was merely a normal part of the yearly cycle as refinery turnarounds start to bite into the supply-demand balance.

"Every April for the last three years the Aframax (70,000 ton) market has dumped 40-50 points," said one U.S. broker. "A lot of crackers are down. Hess has had one in St. Croix down since mid-January." Freight graphs from London shipbroker SSY confirm the observation. The decline ends a bull-run that started in mid-February when fog delayed lightering and loading schedules in the U.S. Gulf, forcing up rates.

Oslo brokers reported on Tuesday that Equiva had fixed a modern tanker, the Guardian, for a 70,000 ton cargo from Mexico at W159 ($1.2 per barrel), while in mid-March it was forced to pay about 84 percent more ($2.2 per barrel) for a similar fixture.

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

People & Company News

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

McDermott Elect G.P. Luquette Board Chairman

Provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, McDermott International, say that Gary P.

Ill-Considered Energy Policies Threaten US Navy: Report

The United States government has pursued energy policies based on “the mistaken belief in the unproven science that claims carbon dioxide (CO2) emissions from burning

Bulk Carrier Trends

China's Seizure of Japanese Ship has Pre-WWII Roots

It all began with a pre-World War II contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937,

Brazilian Soybeans Sold to China Bound for US

Two Brazilian soybean cargoes sold by Japan's Marubeni Corp that were initially sold to China have been switched to the United States, according to port and shipping data updated on Tuesday,

China's Japanese Ship Seizure has pre-WWII Roots

It all began with a pre-World War Two contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937,

 
 
Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair 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: 0.1226 sec (8 req/sec)