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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

US Could Eliminate Energy Imports -EIA

EIA's AEO2015 projects that U.S. energy imports and exports come into balance, a first since the 1950s, because of continued oil and natural gas production growth

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics 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: 0.1209 sec (8 req/sec)