OPEC Curbs To Stop Winter Tanker Upturn

Tuesday, January 18, 2000
Tanker markets are finely balanced but OPEC production cuts compliance will stop the shipping industry benefiting from its usual winter upturn, investment bank Morgan Stanley Dean Witter said. However, there was a bias toward overcapacity as new tonnage was delivered and OPEC cutback compliance continued at high levels for another quarter, the firm said. Morgan Stanley added that it expected shipping rates to respond positively if OPEC increased production volumes in the second half of the year. However, OPEC producers have suggested in the past few days they may extend the cutbacks throughout the year. Morgan Stanley said utilization rates for the total tanker fleet fell to 88 percent in 1999 from 91 percent the previous year. Rates tended to react favorably once past the 90 percent mark, it said, but hit cash running costs much below this level.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Pirates Approach Tanker in Bab El Mandeb

The U.S. Navy Maritime Liaison Office in Bahrain (MARLO) has advised that on or about 12:30 UTC on 14 April, the Master of an oil tanker reported being approached by a white-blue skiff in position 12.

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.3631 sec (3 req/sec)