Tanker Trends: Markets Lose Steam During Asian Holidays

Friday, May 12, 2000
Tanker markets cooled as Asian holidays took the steam out of recent strength, but some brokers saw it starting to simmer again last week. Holidays in Japan and Korea this week coincided with the end of most charterers' May programs, brokers said May 5. Approximately 18 VLCC fixtures of five million tons were reported in the Middle East Gulf, down from 22 of six million tons the week before, according to broker E.A. Gibsons. "However, there was sufficient momentum in the market to maintain rates at their previous levels," Gibsons said.

With modern tonnage remaining in tight supply it was reasonable to expect rates to stay at current levels or even improve over the next few weeks, it added.

Most brokers concluded that rates East were holding W95 to Japan ($10.50 per ton) and Korea, although some saw some improvement to around W97.5. Charterers were beginning to look at June voyages, several brokers said, with the expectation that the return from holidays next week would firm conditions.

Continuing strong export levels West from Iraq kept rates to the U.S. Gulf firm with W85-87.5 (about $15 per ton) quoted for modern ships at 280,000 tons.

The same situation ex West Africa had added a couple of points to VLCC and Suezmax voyages which were being reported at W95-plus ($8.75 per ton) for the bigger ships and W122.5-125 ($1.50) for the million barrel units.

But despite some expectations that delays caused by Norwegian tug strikes at Mongstad and Sture would mean Aframax shortages in the North Sea, rates refused to respond - chugging along at W132.5 ($5.00 per ton).

However, the 80,000 ton ships saw some firming in the Mediterranean where rates lifted to about W155 ($5.00 per ton) for newer vessels. Older tonnage could be found at 10 to 20 point discounts, brokers said. — (Reuters)

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

New YANMAR EPA Tier III Engine

YANMAR America introduced its new EPA Tier III compliant commercial marine diesel engine. Rated at 755 mHP and 1,900 rpm, the new 20.38-liter 6AYAM-ET uses a full mechanical control system.

Volvo Penta Debuts New Marine Engines

Volvo Penta introduced the first two models of its next-generation sterndrive marine gasoline engines. The new 4.3-liter catalyzed V6 engines, rated at 200 and 240 hp,

The Art of Propeller Making

The world’s biggest propellers have their cradle in the North of Germany. MMG – Mecklenburger Metallguss GmbH – has manufactured for more than 65 years propellers for ships,

Tanker Trends

US House Passes Bill to Pressure Regulators on LNG Exports

The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama,

DSME Building 5 Icebreaking LNGCs for Yamal

Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) is building five large Arctic Liquefied Natural Gas Carriers (LNGCs), for which it has LNG ordered

Bomb Threat Cut Lithuania LNG Terminal Output

Gas supply from Lithuania's liquefied natural gas (LNG) import terminal was interrupted on Wednesday due to a bomb threat that later turned out to be a hoax, the

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair 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: 0.1948 sec (5 req/sec)