Are VLCC Rates Poised For Rebound?

Friday, February 09, 2001
Very Large Crude Carriers, which were scraping the bottom of the freight market at the end of January, look set to make a comeback as the pool of available tonnage runs dry. "We currently anticipate a maximum of 54 vessels within the area (Middle East Gulf) over the next 30 days, and it is significant that only 28 of these are modern," said London tanker broker Gibsons. "There is every indication that owners will capitalize on this shortage over the coming weeks," it added. The sentiment was mirrored by Oslo broker Fearnleys, which forecast continued high freight levels. Friday fixture lists showed eastbound VLCCs from the Mideast Gulf were commanding rates as high as W90, for example an SK fixture to South Korea, five points up on last Friday's market rate. Westbound VLCCs are earning about W83. While VLCC rates from West Africa fell by 15 points this week in a very quiet transatlantic market, million-barrel tankers arrested the fall that saw them lose 20 points last week, both in West Africa and in the Med. Friday's fixture lists showed a flurry of million-barrel fixing in Atlantic basin markets, with West Africa to U.S. destination being done at around W100. Cross-Med rates are about W117. For the third week running, it was the smaller Caribbean ships that were fetching the healthiest rates. Upcoast 70,000 ton cargoes were consistently being fixed in the W215-W225 range. - (Reuters)

Maritime Today

The Maritime Industry's original and most viewed E-News Service

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

Tanker Trends

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,

Stena Bulk Orders Tankers from China

Stena Bulk has placed an order for three 50,000 dwt IMOIIMAX MR tankers with the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI),

Maritime Careers / Shipboard Positions Maritime Security Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0717 sec (14 req/sec)