Aframax Rates Reach Higher

Sunday, March 11, 2001
Owners of Aframax tankers (70-80,000 tonners) have taken advantage of weather and Italian lawmakers to push rates up in both the Caribbean and Mediterranean markets. "Owners of modern Aframax tonnage trading in the Mediterranean received a long awaited boost to their fortunes, with news that Italy will insist on double-hulled tonnage being mandatory for most of its major ports," said London broker Gibsons. "This news combined with strong demand from the Black Sea pushed cross-Mediterranean rates to W230 and this upward trend is likely to continue." On the other side of the Atlantic, last week's weather delays were still causing a backlog, allowing owners to force rates up from W300 on Monday to W310 on Friday, as illustrated by Fina's fixture of the Nordlight from Covenas to the U.S. Gulf. U.S brokers said that the backlog had cleared, but not before the market had seen a high of W320 paid for one very prompt fixture. One broker said the market could be undermined by a weak market for Panamaxes (50,000 tonners). "Panamaxes really fell off this week," he said. "So they (brokers) found a big Panamax and got charterers permission to load a small cargo: 440,000 barrels, when they're usually doing 500,000 plus (on an Aframax)." Oslo brokers said Panamaxes had traded as low as W150 for fuel oil cargoes. Million-barrel tankers were commanding W180 for similar voyages. Million-barrel tankers were mirroring the advances of their smaller cousins this week. London's Baltic exchange rated the cross-Mediterranean route at W152 on Monday, but closed on Friday with it pegged at W174. Gibsons estimated the med market at W167.5, the rate at which Petrogal managed to fix the Iran Sanadaj from Sidi Kerir. West African trades continued their recent bull-run, the benchmark route from Nigeria to Philadelphia ending the week at W177, a 20 point gain on last Friday's levels. Routes to Europe also traded high. Gibsons reported that an unspecified fixture to the Mediterranean had been done as high as W187.5. Rates for VLCCs from the Mideast Gulf changed little during the week, and now stand at W83 westbound and W94 eastbound. Million-barrel strength in West African trades knocked on to VLCCS there, and they shifted up to W101 from W92 last Friday. - (Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

FERC Approves Freeport LNG Export Project

U.S. federal regulators on Wednesday approved construction of Freeport LNG Development LP's liquefied natural gas export project in Texas. Freeport is the third U.

Kurdish Crude Lightered, Destination Unknown

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

Navy

Admiral on U.S. Navy & Asia Pacific Re-balancing Act

The commander of U.S. Pacific Command has briefed Pentagon reporters, discussing the U.S. rebalance to the Asia-Pacific region, successful engagement with partners

Hellfire Missile Firing a First for New Navy Helicopters

The Royal Australian Navy’s newest maritime combat helicopter, the MH-60R Seahawk ‘Romeo’, has successfully fired its first ‘Hellfire’ missile in the United States.

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair 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: 0.1487 sec (7 req/sec)