Mideast Tanker Markets Continue Push Upward

Friday, July 21, 2000
Middle East tanker markets are revving up while North Sea rates have gone into overdrive, brokers said last week. Mideast VLCC freight rates climbed as Saudi August cargoes arrived amid expectations that more oil could be pumped. UK/Continent Aframax rates accelerated away with a 30 point (Worldscale) burst of speed reported earlier in the week. Brokers said modern 80,000 ton ships were commanding W250-260 ($9.50 per ton) for late July dates as the usual end-of-month rush to fulfill contracts took over. The highest reported fixture was a hefty W267.5 ($10.00 per ton) for a vessel booked as a last minute replacement and another ship was said to have failed at W280 ($10.40 per ton). But brokers were divided as to how far rates could climb. "There might be some slight increase, but most end of July cargoes are now covered and I don't see it going very much further," one broker said. But others said they were still firming with W270 possible for prompt cargoes. Mediterranean levels, which soared ahead of the North Sea, had now levelled out with a three-tier market again in evidence. Modern ships were earning about W260 ($8.50 per ton), late 1980s vessels around W240-250 ($8.00) and older ships W210-215 ($7.00), brokers said. Caribbean Aframax rates were also on the rise with W235-240 ($9.50 per ton) reported for 70,000 ton upcoast U.S. liftings.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

Eni Mulls Mozambique LNG Supply Deal

Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday.

Navy

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Fond Farewell to HMAS Tobruk

The Governor-General, His Excellency General the Honourable Sir Peter Cosgrove, AK, MC (Retd), together with the Assistant Minister for Defence Stuart Robert, MP,

Thai Navy Lobbies for More Submarines

The Royal Thai Navy claims it urgently needs more submarines to compete with other Asian countries.   The assistant commander made the claim aimed at persuading

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.1191 sec (8 req/sec)