Increased Activity Can't Budge Moribund Rates

Friday, October 22, 1999
A flurry of activity in the main Middle East large tanker markets failed to move rates from their moribund levels last week, shipping brokers said. However, with November cargoes having become available recently, some brokers said some firming of freight levels could be expected. Others, though, said that the large numbers of vessels - including modern ships - likely to be available over the next two months will limit any rate movement. Eastbound VLCC rates slid slowly backwards through the week with Japan falling toward W50 from W52.5 and Korea below the 50-point mark. Older vessels, particularly to China were being fixed at a further five point discount. Despite a lack of activity westbound rates for the Continent firmed very slightly to around W48 while those to the U.S. Gulf held steady at W47.5 before beginning to tail off at the end of the week. Mediterranean million barrel trading burst into life midweek on a shortage of prompt vessels, after a very quiet start. Suezmax rates briefly sparkled, shooting up to W90 and beyond for some short voyages, from a previous W80, but then slipped back toward the mid 80s by the end of the week. Meanwhile Aframax cross Mediterranean rates lost their shine of the previous two weeks and fell a further five points toward W80. Brokers said charterers were switching between vessel types as rates rose. The North Sea remained flat with modern 80,000-ton units taking a two and a half point premium above the benchmark W80 and older ships the same level of discount for the Continent. -- (Reuters)
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2142 sec (5 req/sec)