Atlantic Tanker Rates Drop

Wednesday, February 07, 2001
Atlantic clean tanker trades have been hit by refinery maintenance schedules in the Caribbean, while bouyant Asian trades will be boosted further by earthquake disruption at Indian refineries, brokers said. "Caribs upcoast rates have really slipped," said a U.S. tanker broker. "A lot of refineries are shut down for maintenance and to get themselves ready for increasing gasoline demand." He cited the Hovensa and Citgo refineries as two of those that had interrupted products output. The market for 30,000 tonrs from the Caribs to New York currently stands at W384, having fallen 10 points since last Friday. Transatlantic rates have also slumped, now standing at around W394, compared to W414 at the end of last week. Brokers said that earthquake disruptions at Indian refineries would mean that demand for products would have to be made up through imports. - (Reuters)

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