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

Offshore

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Simulators Winch
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: 0.1945 sec (5 req/sec)