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 Today


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

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

Tanker Trends

Enterprise to Export First Ethane Cargo from Houston Terminal in August

Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1,

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Oil Spills from VLOC in Strait of Malacca

Berge Bulk Maritime confirms that an its VLOC (Very Large Ore Carrier)  “BERGE BUREYA” – (IMO/LR # 9297539) operated vessel was involved in an oil spill incident

Navy

This Day In Naval History: July 28

1861 - During the Civil War, the frigate, USS St. Lawrence, spots a schooner flying English colors and gave chase. Some four hours later, as she is overhauling the schooner,

SNMCMG2 Completes Third Black Sea Deployment

Standing NATO Mine Countermeasures Group 2 (SNMCMG2) has completed its third deployment into the Black Sea under the command of Captain Ramazan Kesgin, Turkish Navy.

China, Russia Navies to hold S. China Sea Drills

China and Russia will hold "routine" naval drills in the South China Sea in September, China's defence ministry spokesman Yang Yujun told a news conference on Thursday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair 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: 0.0631 sec (16 req/sec)