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

Offshore

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Tanker Trends

Algeria in Talks to Export Crude to Venezuela

Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week,

Joe Barton: Lift Oil Export Ban

A senior U.S. Congressman from Texas has come out in full support of the United States lifting the 40-year old ban on crude oil exports, putting him at odds with

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators 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: 0.1400 sec (7 req/sec)