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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Sonar
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: 0.0645 sec (15 req/sec)