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 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

Shipbuilding

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

Future LCS Charleston’s Keel Authenticated

A ceremony was hosted to celebrate the keel authentication of the U.S. Navy's future USS Charleston (LCS 18), the ninth Independence variant littoral combat ship, June 28.

Hybrid RoPax Ferry Delivered to Royal TESO

Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO).   This latest generation symmetrical ferry is powered by efficient,

Tanker Trends

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar 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: 0.0701 sec (14 req/sec)