Atlantic Rates Take a Beating

Friday, February 02, 2001
Freight for million-barrel tankers has taken a severe beating on routes from their traditional strongholds of West Africa and the Mediterranean, brokers said Friday.

"I can't really explain it, and I don't see much sign of imminent recovery," said one London tanker broker.

"There's been a massive amount of VLCCs fixed out of West Africa in the last three weeks," he said, implying that the bigger ships had taken all the million-barrel tankers' potential trade.

London's Baltic Exchange down rated its assessment of the route by nearly 22 points to W122 on Thursday. Friday fixture lists show two failed fixtures from West Africa by Sun at W120 and one by Hess to St Croix at W117.5.

The continued absence of Iraq from the Mediterranean market has also had an impact. "We saw Ceyhan starting to flow, but that never really happened, and what was done was done on VLCCs," said the London broker.

Oslo brokers reported Friday that Saras had taken a ship from Sidi Kerir to Italy at W115. The Baltic Exchange assessment for that route fell 30 points Thursday to W130, having stood at W163 last Friday. - (Reuters)


Tanker Trends

Veg Oils Can Benefit Tankers

A number of product tankers, with certain characteristics, can carry edible oils (also called veg oils) as well as oil products, meaning that veg oil trade should

Worldscale Flat Rates to Fall Again

The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The

What is Happening to Suezmax Rates in 2016?

Several years ago, the main market for Suezmax tankers was the West Africa to North America trade. When this market dried up in the period from 2012 to 2014/15,

Workboats

MN100: Shock Mitigation

The Company: The company provides marine organizations, boat builders and equipment manufacturers with relevant subject matter expertise plus an independent overview

Five Vessels Delivered for Qatar’s New Port Project

Nakilat Damen Shipyards Qatar (NDSQ) has delivered five vessels as part of an 11-vessel order for New Port Project (NPP). Built entirely at the Erhama Bin Jaber

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1011 sec (10 req/sec)