Is The Tanker Top Near?

Friday, June 16, 2000
Oil tanker markets are again knocking at price barriers with year-highs expected to tumble as demand exceeds supply of modern ships, brokers were reporting. Shortages of high quality oil company approved vessels were causing rates to peak for Suezmaxes in the Mediterranean and West Africa and for Suezmaxes in the North Sea. July cargo demand for VLCCs in the Middle East was also seen possibly puncturing previous highs for the year. Strong demand from Western loading areas could deplete a potential 68 vessels available in the Middle East, of which just half were modern, broker E.A. Gibson said in a report. "(This) should contribute to a further upturn in rates," the broker said. Westbound VLCC rates have remained stable all week at W87.5-90 ($15.50 per ton) for the U.S. Gulf. American demand for West African oil kept VLCCs in demand there with rates at a very firm W110 ($10.00 per ton). Mediterranean Suezmax rates jumped 20 points this week to W152.5 as charterers rushed to fix ships from Ceyhan after staying out of the market while uncertainty prevailed over the extension of the Iraq oil for food deal last week. Ten points were also added to freight levels for one million barrel vessels in West Africa as rates reached a year high of W150 ($13.75 per ton). A final sign that charterers were trying to take cover from rising prices was a re-emergence of serious time chartering - with three Aframax ships reported taken by a U.S. oil company for up to three years and several Suezmaxes taken for a year or more.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Odfjell's Tanker Overhaul Seeks to Slash Emissions by 20%

Norwegian tanker shipper Odfjell announced it is upgrading the propulsion systems aboard 19 of its chemical tanker vessels in a move that aims to reduce its fuel

Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.3515 sec (3 req/sec)