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

Marine Propulsion

Firefighting Vessel Delivered to the US Army

New Orleans based maritime solutions company Technology Associates, Inc. (TAI) informs it has completed its contract for the design and construction of a fast response

Yanmar Diesel Engines for Fast New Crew Tender

The expansion of the number of wind turbines out at sea near the northern Dutch coast was reason enough for Ubels Offshore to expand its fleet with a fifth ship last year.

Hapag-Lloyd's New Noses Lower Emissions

Hamburg based shipping company Hapag-Lloyd plans for 24 of the largest containerships in its fleet to get new bulbous bows by 2016, with some of the vessels also

Tanker Trends

Teekay LNG Partners Declares 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 June 30, 2015. The cash distribution is payable on August 14,

NITC Tankers Chart Western Course

Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC

Ardmore Shipping Takes Tanker Delivery

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1107 sec (9 req/sec)