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

Legal

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Tanker Trends

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Simulators Sonar
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: 0.2656 sec (4 req/sec)