Are VLCC Rates Poised For Rebound?

Friday, February 09, 2001
Very Large Crude Carriers, which were scraping the bottom of the freight market at the end of January, look set to make a comeback as the pool of available tonnage runs dry. "We currently anticipate a maximum of 54 vessels within the area (Middle East Gulf) over the next 30 days, and it is significant that only 28 of these are modern," said London tanker broker Gibsons. "There is every indication that owners will capitalize on this shortage over the coming weeks," it added. The sentiment was mirrored by Oslo broker Fearnleys, which forecast continued high freight levels. Friday fixture lists showed eastbound VLCCs from the Mideast Gulf were commanding rates as high as W90, for example an SK fixture to South Korea, five points up on last Friday's market rate. Westbound VLCCs are earning about W83. While VLCC rates from West Africa fell by 15 points this week in a very quiet transatlantic market, million-barrel tankers arrested the fall that saw them lose 20 points last week, both in West Africa and in the Med. Friday's fixture lists showed a flurry of million-barrel fixing in Atlantic basin markets, with West Africa to U.S. destination being done at around W100. Cross-Med rates are about W117. For the third week running, it was the smaller Caribbean ships that were fetching the healthiest rates. Upcoast 70,000 ton cargoes were consistently being fixed in the W215-W225 range. - (Reuters)
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Libyan Oil Port Re-Opening Delayed

Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port,

Japan LNG Imports Hit Record Levels

Japan imported record volumes of liquefied natural gas (LNG) and thermal coal in the fiscal year ended in March, as the country's  shutdowns of nuclear stations

Pirates Approach Tanker in Bab El Mandeb

The U.S. Navy Maritime Liaison Office in Bahrain (MARLO) has advised that on or about 12:30 UTC on 14 April, the Master of an oil tanker reported being approached by a white-blue skiff in position 12.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Shipbuilding / Vessel Construction 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: 0.1492 sec (7 req/sec)