Tanker Rates Continue To Soar

Wednesday, June 21, 2000
Modern vessel shortages in the North Sea are pushing Aframax and Suezmax tanker rates to year high levels. Rates for Aframax 80,000 ton vessels have repeated the year-high of W217.5($8.00 per ton) for late month U.K./Continent liftings, but brokers said June business was now played out. One million barrel Suezmax tankers were benefiting strongly from bouyant North Sea markets with transatlantic rates climbing steeply to W165-W180. "There is a self-fueling cycle with each sector supporting the other in turn," a broker said. Attempts to replace Aframaxes with Suezmaxes after a number of the smaller ships were taken out of the short North Sea market for transatlantic crossings last month has put pressure on both. The 159,681 dwt Iran Susangird was reported chartered as a stop-gap for a late June UK/Continent 80,000 ton cargo, brokers said. Suezmaxes also continue in short supply due to U.S. demand for one million barrel ships in West Africa and rates have jumped again to as high as W170 ($15.50 per ton). But an opening spread against VLCCs was expected to increase demand for the larger tankers, brokers said. A West Africa VLCC was said booked on subjects at W130 for the U.S. ($11.75 per ton) - up from W110 ($10.00) last week. In the Mediterranean, Suezmaxes were retaining levels around W150 ($5.00 per ton) after a flurry of prompt Ceyhan liftings reported last week. "There could be some calming due to reported problems with next phase Iraqi oil contracts, but the bigger numbers should return when Ceyhan liftings come through again," a broker said. Middle East VLCC fixing was also increasing but rates were largely unchanged with Japan still at about W110 ($11.85 per ton) and the U.S. Gulf W90 ($15.50 per ton). But July liftings are expected to exceed those for June and put upward pressure on rates, brokers said.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

Keppel FELS to Deliver 100th Jackup Rig

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) is on track to deliver PV Drilling VI, a KFELS B Class jackup rig, to PV Drilling Overseas (PVDO),

Conrad Shipyard Bags LNG Order

Energy infrastructure and LNG solutions provider WesPac Midstream and its subsidiary Clean Marine Energy (CME) have awarded a contract to Conrad Orange Shipyard

Tanker Trends

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Atlantic Gas Swings Keep LNG Traders Guessing

MILAN, Feb 26 (Reuters) - Atlantic natural gas markets are seeing some of the biggest price swings in years as volatile European trade, freezing U.S. weather

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1914 sec (5 req/sec)