Secrecy In Tanker Market Said To Be Depressing Rates

Wednesday, December 01, 1999
Increased secrecy in the tanker chartering market may be pushing rates lower, even though many brokers and owners like the idea of doing private business. Always a secretive business where only a proportion of trading was made public, more tanker chartering is being done directly through a single broker rather than put out to tender, according to shipping sources. But ship owners and some brokers say charterers are able to dictate rates because they have more information about cargo and ship availability and can influence the perception of supply and demand. Despite this, most tanker brokers generally prefer private business even if it means they cannot compete for some cargoes. Even in good times, underbidding pushes down rates and depresses commissions because owners are desperate to quote for business without knowing whom they were competing against, brokers said. The demise this year of an electronic tanker trading system in which vessels and cargoes could be tendered on screen in an open market community has also played a part, according to some brokers.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Tanker Trends

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

NITC Tankers Chart Western Course

Iran’s largest shipping company NITC, the privatized Iranian shipping company, is in talks for permission to sail in Western waters, says a report in WSJ.   NITC

Ardmore Shipping Takes Tanker Delivery

Ardmore Shipping Corporation took delivery of the newbuild product and chemical tanker vessel Ardmore Seafox on June 25, 2015, the company announced today. The 49,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators
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: 0.0904 sec (11 req/sec)