Caribbean Tanker Rates Up a Notch

Tuesday, March 06, 2001
Caribbean tanker rates edged up a notch on Monday because of ongoing backlogs caused by last week’s weather delays, brokers said. “We saw W305 done today for 70,000 tons,” said a U.S. broker. “The fog has lifted but there’s still a backlog. Some ships are running... five to seven days late.” He said that lightering programs had also been affected. London brokers said that rates for million-barrel tankers continued to hold firm. London’s Baltic Exchange raised its assessment of the benchmark route from Nigeria to Philadelphia by 10 points to reach W163.5, or $2.15 per barrel. Brokers, however, said that Monday had been fairly quiet, and that the Baltic’s upgrade reflected gains made by the market on Friday. “It’s pretty quiet today, but I guess that’s just a Monday thing,” said a broker. At the end of last week, he said that many stems were appearing, and that there was the prospect of more before the end of the month. Monday morning’s fixture lists showed Exxon paying W161 for a million-barrel ship from Qua Iboe to the U.S. Gulf. Million-barrel freight from West Africa to the U.S. started the year at W205 from Nigeria to Philadelphia, but had fallen to W105 by the first week of February. Brokers said that there were rumors of traders starting to look at doubling up million-barrel stems to put on VLCCs towards the end of the month in order to reduce the cost of freight. Routes from West Africa to Europe, which hit a severe low of W100 in the first week of February, had recovered to about W165 on Monday, as shown by a Repsol fixture from Qua Iboe to Spain. Million-barrel rates in the Mediterranean also followed the upward trend, reaching W152.5 on Monday on the Baltic Exchange’s tanker index. Rates for VLCCs made small but significant gains last week, brokers said. “The greatest improvement was seen for a modern VLCC in early position, which fixed in the region of W118 for a voyage to Indonesia,” said London tanker broker Gibsons, referring to Petronas’ charter of Frontline’s VLCC Front Duke. “While this may still be exceptional, the scarcity of tonnage for the first 20 days of March could still result in further improvements,” it added. Westbound VLCCs from the Mideast Gulf were demanding W83 on Monday, while those to Japan were calling for W93. - (Retuers)
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.2836 sec (4 req/sec)