N. Sea Tanker Rates Slide

Tuesday, January 23, 2001
North Sea tanker trades have slid nearly 40 points to around W190 because last week's spree of fixing VLCCs transatlantic has left the North Sea virtually empty of oil, Reuters reported. "For the end of the month there's quite a few VLCCs and Suezmaxes (million-barrel tankers) fixed, and each of those takes up three or four cargoes that would normally go to Aframaxes (80,000 tonners)," said an Olso broker. "It's extremely quiet this week," said another Olso broker, pointing to the fact that only four tankers had been reported fixed from the North Sea on Tuesday, and only two on Monday. One trader with an independent U.S. refiner said that the recent 70-80 point spread between VLCCs and million-barrel tankers had caused charterers to opt for the bigger ships. "Now there's not as many cargoes around, and the laws of supply and demand have kicked in," he said. "But I don't think the North Sea is dry. I don't think it's anywhere near as dry as West Africa got." On Monday, London's Baltic Exchange downrated its estimate for North Sea tanker rates by 21 points to W202, but by Tuesday fixture reports showed two fixtures at W195 and another, by Exxon at W185.5. The Baltic downrated eight of its nine dirty tanker route assessments Monday, indicating widespread softness. - (Reuters)

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Tanker Trends

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0722 sec (14 req/sec)