More Big Tankers, Lower Profits?

Thursday, February 02, 2006
The abundance of big tankers, the very large crude carriers (VLCCs) of some 300,000 deadweight tons, makes several analysts express reservations about the projected revenues of the category this year. In 2005 the revenues of VLCCs dropped by 40 percent compared with the "golden" year 2004 when a lack of vessels and the great increase in demand pushed freight rates to extremely high levels. Analysts expect the current trend to continue and forecast an additional decline of profits by 30 percent for the entire year. On the positive side, shipowners are generally optimistic about the market, as daily rates for VLCCs carrying oil from the Middle East and from West Africa come to at least $100,000. This is attributed to the market's seasonal character, because when the summer demand for oil was less, the rates had fallen. Since the autumn, though, when demand again increased with the coming winter, optimism returned.

(Source: International Herald Tribune)

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

Ship Repair & Conversion

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.

Historic Steamship Towed to Buffalo for Restoration

A 113-year-old “Boblo Boat” SS Columbia is being towed from Toledo, Ohio to Buffalo, N.Y., where the historic vessel will be docked for the next year for restoration.

China’s Shipyards Face Tough Times

As the shipping market continues its prolonged downturn five shipyards have filed for bankruptcy this year, reports SCMP.   China's leading private shipyards

Tanker Trends

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Dorian Acquires 2 ECO VLGC

Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics 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: 0.3227 sec (3 req/sec)