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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Maersk Drilling gets Extension for Jack-Up

Maersk Drilling, is a unit in shipping and oil conglomerate A.P. Moller-Maersk. Hess has exercised the four one-well options included in the current contract for the jack-up rig Maersk Resolute.

Odd Arne Slettebø new CFO of “Noreco”

Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company.

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Tanker Trends

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

Rosneft Ships First Oil From Chayvo Field

Rosneft commenced shipment of crude oil extracted at the Northern Tip of Chayvo license off the coast of Sakhalin, with the first tanker carrying Sokol-grade crude leaving port on November 21.

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1268 sec (8 req/sec)