Aframax Rates Are Collapsing

Friday, May 04, 2001
After more than a week of slow trading, Aframax tankers (70,000 tonners) are piling up in the Caribbean, sending rates crashing by over 35 cents per barrel in the last 48 hours, said brokers in the U.S. and Oslo. "It's just fallen through the floor," a U.S. broker said. "Right now, it's W175, maybe W180 ($1.28 per barrel)." But Oslo brokers said on Friday morning that one ship from the fleet of U.S. tanker giant Teekay had been fixed lower, at W170 ($1.21 per barrel), for a Phillips cargo to the U.S. Gulf. Another had been fixed at W160 to Exxon for the longer journey to Halifax, Canada. This compares to levels of about W225 ($1.60 per barrel) on Wednesday, and over W300 ($2.13 per barrel) a month ago. Another broker explained the slump as a "simple supply and demand thing." He said that there had been relatively few cargoes on the market in the past 10 days, and that Aframaxes (70,000 tonners) were piling up in the Caribbean in the hope of finding fresh employment. The situation was playing into charterers' hands. "Exxon's got 10 offers in on the one cargo," he said. London's Baltic Exchange pegged the upcoast Aframax route (70,000 ton cargoes from Venezuela to Corpus Christi) at W187.5 on Thursday evening, compared to W224 just two days ago. - (Reuters)
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Bureau Veritas to Class, Certify FPSOs for Saipem

Bureau Veritas has been awarded a contract by Saipem to provide classification and certification services for the two Kaombo FPSOs for service off Angola. The

Kvaerner in Statoil Unmanned Platform Project

Kvaerner say that Statoil has awarded it a concept study related to a standardised, unmanned dry tree wellhead platform for the Oseberg Future Development project.

Scotland Site for World's Biggest Tidal Array

The world’s biggest tidal array is to be built in North Scotland bringing jobs and energy security to the Pentland Firth region, informs a UK Government news release.

Tanker Trends

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan

A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against

Odfjell 2Q Results In Line with Expectations

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Repair Ship Simulators Sonar
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: 0.1991 sec (5 req/sec)