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

Ship Repair & Conversion

Jet Edge Celebrates 30 Years in Waterjet Industry

Waterjet systems manufacturer Jet Edge, Inc. celebrated its 30th anniversary Sept. 3 with a special open house celebration. Jet Edge’s anniversary event included

3D Scanning Speeds Up Drag Boat Racing

NVision, Inc., a company in 3D laser scanning and reverse engineering for over 24 years, said it was able to help a motorsports boat designer optimize the design

Cook Joins Horizon Shipbuilding as Operations VP

Horizon Shipbuilding, Inc. announced that Mickey Cook has joined the corporation as the Vice President of Operations for the Bayou La Batre shipyard. Cook, one of the founders of C & G Boatworks,

Tanker Trends

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.2281 sec (4 req/sec)