Carib Tanker Rates Tank In New Year

Tuesday, January 09, 2001
Caribbean dirty tanker trades have sustained a massive hit, tumbling from W255 at the end of last week to W202.5, New York brokers said. "The holiday doldrums have left a lot of spare tonnage and that has affected rates. With both Christmas and New Year's Day falling on Mondays this year, we've had two short weeks in a row and the market simply couldn't take that," said one dirty tanker broker. He pointed to Exxon's fixture of the 70,000 tonr Lucky Lady from Covenas to the U.S. Gulf as the initial blow to the market. The fall in rates ends a bull-run that began in November last year and peaked in December at just below W400. "From there it just went down in 10 point increments until we got to 202.5," he said. Exxon fixed the Hudson Spirit, also a 70,000 tonr, from the East Coast of Mexico to the U.S. Gulf at W202.5, Oslo brokers said Tuesday. The New York broker said the outlook was slow. "The question is when will we come to the end of the holiday low," he said. "At the end of the week or early next week it might hit the bottom and bounce back up." - (Reuters)

Maritime Today


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

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

Tanker Trends

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Shipping Corporation Q3 Profit Surges

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs.

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

 
 
Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar 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: 0.0635 sec (16 req/sec)