Talk Of Tanker Age Limits Gives Markets A Lift

Friday, February 25, 2000
Tanker markets continued strong at the end of last week with talk of new French oil company age restrictions on acceptances said likely to put further pressure on rates. Major French oil major Elf has adopted a 20 year age limit policy on terminals as well as tanker chartering, several brokers said. This was on top of the immediate imposition of last week's French government safety charter calling on oil companies only to accept ships over 15 years if they had a drydocking report in the last 30 months and had been inspected in the last six. "This will definitely move the goal posts if other European companies join in," one broker said. Up to a third of the fleet could be affected, he said. So far the impact had been greatest for Aframax and Suezmax tankers, rather than VLCCs. However, another broker said: "This rule hits older VLCCs and will lift the West Africa market as units move out of that location where there are more terminals that belong to Elf/Total." Although he had not heard Elf was definitely imposing the age restraint, another said he had not seen the company fix a 20 year ship for some weeks. "The application of their tanker vetting rules is definitely fierce at the moment," he said. The shortage of modern ships for late February dates in the North Sea, post-Erika, had caused a 20 year high for Aframax tankers of W200 ($7.50 per ton) through most of last week. But rates would fall back, brokers said. Although strong midweek activity in the Middle East had only had a limited affect this week - raising VLCC rates about five Worldscale points to around W64.5 ($7.00 per ton) for Japan and W55 ($9.50) for the U.S. Gulf - confidence was high that rates could lift even if activity quieted this week. With just 55 VLCCs, and only 12 of them modern, due in the Mideast in the next month, there was scope for rates to improve, broker E.A. Gibson said in its weekly report. Owners of modern vessels were showing more resolve in holding out for higher rates, Galbraiths said in its report. - (Reuters)
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Virginia-Class Submarine Named USS Iowa

Secretary of the Navy Ray Mabus hosted a ship-naming ceremony today in Ames, Iowa to announce that SSN 797, a Virginia-class attack submarine, will bear the name USS Iowa.

Tanker Trends

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Jotun, COSCO Celebrate 10,000th Antifouling Applications

In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum,

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.1127 sec (9 req/sec)