Large Tanker Rates Soar

Thursday, August 10, 2000
Large tanker rates are soaring for Middle Eastern oil as charterers rush to grab ships for September cargoes before they run out, brokers said late last week. Rates lifted another 10 points with W140 quoted by Thursday afternoon for a modern VLCC to South Korea ($13.50 per ton), while U.S Gulf levels were said to be around W110-115 ($19.00 per ton).

Four or five older vessels were also on subjects for one charterer to sail west out of Mina al Bakr at around W100 ($17.25 per ton), but brokers said half might fail if there was only a couple of stems to be covered.

"Far Eastern charterers have come in a week earlier than expected and western charterers are also very active," a broker said. "We are seeing phenomenal rates because there are so few ships left for August after so many were fixed away in July for August liftings," he added.

West African rates were also going through the roof with W150 ($13.00 per ton) expected for a VLCC to the U.S. "There is stacks going on for September with lots of cargoes in," another broker said. "But not all will get their subjects lifted."

Korean charterers were especially active, one said, and prepared to pay top prices. Rates would keep climbing due to the pressure on available tonnage while oil producers kept up maximum production levels and importers continued to scramble for barrels, brokers said.

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

Contracts

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

Russia, France Close to Deal on Mistrals

Russia and France are close to reaching an agreement for Paris to cancel a frozen contract on the sale of Mistral helicopter carriers and reimburse Moscow, a Russian

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion 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: 0.1151 sec (9 req/sec)