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

Legal

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Tanker Trends

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1158 sec (9 req/sec)