Clean Tanker Decline Deepens

Wednesday, February 21, 2001
Tumbling freight rates for clean tankers in the Atlantic have dropped steeply this week, and brokers pointed to the almost total closure of most transatlantic arbitrages as the reason.

"The Continent transatlantic market has collapsed with the close of the arb'," said one New York tanker broker. "I believe it's 100 percent closed now."

London's Baltic Exchange closed on Tuesday with its assessment of the Rotterdam to New York trade down by nearly nine points on the preceding day to $0.26.

Tankers for gasoline cargoes of 30,000 tons were being fixed at over $0.36 at the start of January. Traders said on Tuesday that the arbitrage would still be open for some types of gasoline if freight rates were to fall slightly.

The transatlantic decline has knocked on to Caribbean clean tanker trades, which lost 15 points on Tuesday to close at $0.25 for 30,000 ton cargoes to New York, according to the Baltic Exchange.

"There's been a build up of ships (in the Caribbean) with nowhere to go," said the New York broker. "It's also been kind of quiet on the demand side."

Italian brokers said that an announcement of measures to restrict single hulled tankers from Venice lagoon had had no effect on rates there, and was unlikely to do so.

"They've been discussing it for so many years, so we're not surprised," he said. "I wouldn't say there would be an impact, because in the past tanker charterers have been very sensitive about which ships they choose to enter the Venice lagoon."

The move was introduced last week by the ministry of the environment, he said. Both Agip and Enichem have refineries within Venice Bay. - (Reuters)

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Maersk Drilling Secures Contract for Newest Drillship

Maersk Drilling was awarded a contract from eni Ghana Exploration and Production Ltd. for employment of the newbuild drillship Maersk Voyager.   The contract

Floater Orders 2014

25 Units Orders in 2014:  10 FPSOs, 1 Barge, 4 FLNGs, 7 FSRUs & 3 FSOs The overall number of orders is similar to the average ordering pace over the past 10 years,

Tanker Trends

Wärtsilä BWM Systems for Chemical Tankers

A series of eight new 33,000 DWT chemical tankers, currently under construction in Asia, will feature Wärtsilä Aquarius UV Ballast Water Management Systems (BWMS)

BW LPG Exercises Purchase Option on Vermilion First

BW LPG Limited exercises purchase option over Very Large Gas Carrier Vermilion First. The VLGC Vermilion First has been on a time charter with BW LPG since

Interview: Nakilat's Samir Bailouni

SGMF Membership - Uncovered: An interview with Samir Bailouni, Nakilat The Society for Gas and Marine Fuel (SGMF) recently interviewed one of its members, Samir

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.2357 sec (4 req/sec)