VLCC Rates Hit Highs

Tuesday, November 21, 2000
Middle East to Asia bound very large crude carrier (VLCC) rates have hit to a new record high beyond the psychological barrier of W200, brokers said on Tuesday. Indonesian oil major Pertamina paid W205 to fix the C Navigator for a 245,000 ton cargo going East at the end of November, but that peak was above the current market, brokers said.

"Remember this is a small cargo, so the rate is higher than the usual VLCC rate," said one Oslo-based tanker broker.

"The ship's next cargo will be 265,000 ton, and for that it has fixed at W188. The rate for 270,000 tonrs from the AG to South Korea is still in the W175-180 region." This equates to $2.4 per barrel.

The W205 rate is the biggest for a VLCC going East since the early seventies, but changes to the flat rates and to the bunker prices since then mean the two cannot be easily compared.

Further rate increases will largely depend on how many cargoes remain to be fixed. Brokers say there still appears to be scope for further rate gains. Geneva-based broker Marinav puts the November tally of VLCC and ULCC fixtures at 128 for a cargo total of 34.5 million tons. December stands at 80 fixtures so far, compared to a monthly average for the year of 113 fixtures and a monthly high of 129.

"We need 20 more fixtures to meet the low, 33 for the average and 49 to equal the high," says Marinav's Riaz Khan. "Which will it be?" he adds, "By our count 32 more fixtures is what we expect, for a total of 112."

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

Marine Propulsion

Rolls-Royce Holdings' Voting Rights and Capital

In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting

BCG Releases PCVM Emulation

Buffalo Computer Graphics (BCG) Inc. announced the addition of another emulation product to its family of Radar Simulators. BCG has completed an emulation of the VisionMaster FT radar – our PCVM.

Daihatsu Joins ClassNK Research Project

Classification society ClassNK announced that it will embark on a joint research project together with Daihatsu Diesel Mfg. Co., Ltd. Through the partnership, ClassNK

Tanker Trends

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Stena, Sonangol Launch Training Facility in Angola

The Centro De Formação Maritima De Angola (CFMA) was officially launched on August 27 by top management from Sonangol, the Angolan public sector energy company and the Stena Group of Sweden.

Iraq to Appeal US Court Decision on Kurdish Oil

The Iraqi oil ministry said on Thursday it would challenge a U.S. court decision that stopped U.S. Marshals from seizing some one million barrels of disputed Kurdish oil docked near Texas.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.2303 sec (4 req/sec)