Carib Tanker Rates Rise

Thursday, March 29, 2001
Caribbean tanker rates are set to jump briefly this week because of a lack of available tankers for prompt cargoes, brokers said. "I can see it getting up to W285 ($11.1 per ton) by the end of the week, because there's simply no prompt ships," said a London tanker broker. U.S. tanker brokers reported that rates had moved up to W275-80 ($10.9 per ton) for 30,000 ton cargoes heading up-coast from Aruba to New York, compared to W266 the day before. Brokers were divided on whether the Caribbean market would be boosted or diluted by the transatlantic arbitrage, which opened at the end of last week. "The shortage will be swiftly replenished by ships doing the transatlantic arbitrage from Europe, so it won't last long," said the London broker. But U.S. brokers said that clean tankers had been ballasting across from the U.S. to Europe to take advantage of the arbitrage and this had effectively tightened the Caribbean market. "I can see the Caribbean going up to W400 if that continues," said one. Traders said that since the transatlantic arbitrage opened last Thursday, as much as 300,000 tons of European summer grade gasoline had been fixed for shipment to the U.S. Caribbean tanker freight started the year at over W400 ($15 per ton) for 30,000 ton up-coast cargoes, but fell steeply in mid-February to below W270 ($11 per ton).

Maritime Today


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

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Libyan Oil Exports to Resume from Closed Ports

Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals,

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

Gener8 Maritime Net Income Up 91%

Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.0672 sec (15 req/sec)