Carib Tanker Rates Tank In New Year

Tuesday, January 09, 2001
Caribbean dirty tanker trades have sustained a massive hit, tumbling from W255 at the end of last week to W202.5, New York brokers said. "The holiday doldrums have left a lot of spare tonnage and that has affected rates. With both Christmas and New Year's Day falling on Mondays this year, we've had two short weeks in a row and the market simply couldn't take that," said one dirty tanker broker. He pointed to Exxon's fixture of the 70,000 tonr Lucky Lady from Covenas to the U.S. Gulf as the initial blow to the market. The fall in rates ends a bull-run that began in November last year and peaked in December at just below W400. "From there it just went down in 10 point increments until we got to 202.5," he said. Exxon fixed the Hudson Spirit, also a 70,000 tonr, from the East Coast of Mexico to the U.S. Gulf at W202.5, Oslo brokers said Tuesday. The New York broker said the outlook was slow. "The question is when will we come to the end of the holiday low," he said. "At the end of the week or early next week it might hit the bottom and bounce back up." - (Reuters)
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

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 Contracts Maritime Security Offshore Oil Pipelines Salvage 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: 0.1261 sec (8 req/sec)