OPEC Output Increase Could Cause Tanker Shortage

Thursday, February 24, 2000
Any easing of OPEC oil output restraints would be unlikely to create a shipping shortage despite charterers currently avoiding older tankers, ship brokers and analysts said. Signs that OPEC oil producers could relax their four million barrel a day output restraints in April which have lifted Brent oil prices to over $27.00 a barrel, were unlikely to cause demand to outstrip tanker supply, they said. This was despite charterers seeking to use newer vessels since the 25-year-old tanker Erika broke up off France in December causing heavy pollution. The Erika factor has caused rates to soar in some areas on a lack of prompt modern vessels, but most markets including the Key Middle Eastern VLCC sector remain over tonnaged, they said. Last week North Sea rates for 80,000 ton Aframax vessels hit post-Gulf War highs of Worldscale 200 points (about $7.50 per ton) as ships under 15 years of age became hard to find for late February dates. But any rise in rates or surge in demand could slow the scrapping rate.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

China's Robust Crude Oil Imports Mask Changing Fuel Dynamics

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union.   While the news media

Navig8 Chemical Adds New Tanker from Kitanihon

Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co.

Tanker Crewman Medevaced off Virginia

The U.S. Coast Guard medevaced an ailing crew member Saturday from a tanker off Virginia Beach.   Coast Guard watchstanders at the 5th District Command Center

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.0623 sec (16 req/sec)