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


SBM Offshore Says Petrobras Discussions Ongoing

Floating production services provider SBM Offshore responded to media reports of a potential settlement with Petrobras regarding tenders in Brazil, stating the

Shell Starts Bonga Phase 3 in Nigeria

Shell Nigeria Exploration and Production Company Ltd (SNEPCo) announced the start-up of production from the Bonga Phase 3 project.   Bonga Phase 3 is an expansion of the Bonga Main development,

Workers Evacuated After Gas Leak at Mexico Platform

Mexico's state-owned oil company Pemex said on Tuesday that it was working to control a gas leak at the Sihil A platform in the Gulf of Mexico.   Eighty-five workers have been evacuated,

Tanker Trends

GTT Inks Framework Partnership Deal with CERN

GTT, a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), has signed a Framework Partnership Agreement

d'Amico Launches Two Tankers in Vietnam

d'Amico International Shipping S.A. has launched two eco-ships at the shipyards of Hyundai Vinashin Shipyard Co. Ltd – Vietnam, bringing the fleet to more than 50 units.

New Head for Odfjell Tankers

Odfjell announced it has appointed Senior Vice President Harald Fotland to new Head of Odfjell Tankers. Fotland comes from the position as SVP/Chief of Staff

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators 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: 0.2891 sec (3 req/sec)