North Sea Tanker Market Leads Boom

Thursday, July 12, 2001
Tanker markets around the world soared this week, led by the North Sea market where rates swelled by nearly a third as supply dried up for end-month loading dates.

Brokers said Vitol paid W160 ($0.85 per barrel) for the 80,000 tonner Moscow River loading from Teeside on July 26, compared to W125 at the start of the week and W95 a month ago.

"There's been pressure for the end of month positions, which we'd kind of anticipated," said a London broker. "A few ships have moved out of the area tipping the supply-demand balance in favour of ship owners."

Most of the smaller tankers were heading to northern Europe, but the larger sizes started to see some transatlantic activity this week. A raft of transatlantic fixtures pushed million-barrel rates past the W110 mark ($1.13 per barrel) and VLCC rates to W55 for U.S.Gulf discharge.

This week's rate explosion was sparked in the million-barrel market by news that Iraq had resumed crude exports.

The Mediterranean market, which is highly dependent on Iraqi cargoes, clawed back some of its recent losses to pass the W100 ($0.56 per barrel) mark and the West African market followed close behind.

Brokers said on Thursday it had punched through the W110 ceiling ($1.45 per barrel) for million-barrel transatlantic voyages, compared to W70 at the start of the month.

VLCC gains were less dramatic, but nevertheless the mood was positive. "They're all moving on up," said a London broker. "The VLCCs are inching forward."

He pointed to a westbound fixture by Chevron at W50 ($1.41 per barrel) as a sign of things to come. "It's a bit of a landmark," he said. Eastbound fixtures were being concluded at much the same rate for Japan discharge, equating to $0.85 per barrel.

Shorter haul destinations, such as Taiwan and Jamnagar were being done at W52.5, equating to about $0.50 per barrel.

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

Legal

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.1431 sec (7 req/sec)