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

Offshore

Nations Convene for Arctic Maritime Discussion

Citing an increasing need to ensure safety, security and stewardship of Arctic waters, member countries of the Arctic Council gathered at U.S. Coast Guard Headquarters

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.

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 Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1706 sec (6 req/sec)