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)
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

POSH may raise $311 Mln in Singapore IPO

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier,

BOEM gives more time to submit plans OCS

The Bureau of Ocean Energy Management (BOEM) announced today the publication of its Final Rule to extend time requirements for submitting a Site Assessment Plan

Offshore Driller Noble Corp Q1 Earnings Beat Forecasts

Noble Corp., a leading offshore driller, reported first-quarter net income on Wednesday of $0.99 a share, higher than consensus forecasts, as new rigs helped lift revenues.

Tanker Trends

North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.1495 sec (7 req/sec)