Tanker Glut Signals Drop in Freight Rates

Tuesday, December 29, 2009

According to a Dec. 28 report from Bloomberg, a 26-mile-long line of idled oil tankers, enough to blockade the English Channel, may signal a 25 percent slump in freight rates next year. Traders booked a record number of ships for storage this year, seeking to profit from longer-dated energy futures trading at a premium to contracts for immediate delivery, according to SSY Consultancy & Research Ltd., a unit of the world’s second- largest shipbroker. Ships taken out of that trade would return to compete for cargoes just as deliveries from shipyards’ largest-ever order book swell the global fleet.

(Source: Bloomberg)

Maritime Today


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

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

Tanker Trends

EU Pulls Plug on Back-Up Nav System

A British-led initiative to create a back-up to satellite navigation systems for ships has been pulled after failing to garner interest from other European countries,

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

Hess sells Shannon LNG Terminal

New York-based energy company Hess has sold Shannon LNG, a proposed gas-import terminal in County Kerry, Ireland’s Sunday Independent has reported.   The newspaper

 
 
Maritime Contracts Maritime Security Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0562 sec (18 req/sec)