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

Marine Propulsion

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

Volvo Penta Diesel Sterndrives for Metal Shark Patrol Boats

Metal Shark now offers Volvo Penta diesel sterndrives in its 29 Defiant patrol boats for customers requiring optimum performance, durability and maneuverability.

Wilhelmsen Secures Inert Gas System Orders

Breakthrough order in Japanese shipbuilding market sees largest ever capacity Maritime Protection IG units delivered for leading domestic owners. Wilhelmsen

Tanker Trends

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Worrying Trend of Tanker Hijacks in SE Asian Waters: IMB

The Piracy Reporting Centre (PRC) of the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) raises concerns over a worrying trend of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.1048 sec (10 req/sec)