Tanker Market Crawls Back To Work

Friday, January 05, 2001
As charterers crawled slowly back to their offices this week, brokers said they were struggling to ascertain where exactly the market stood. Uncertainty over the size of future OPEC cuts, continued Iraqi delays as well as renewed talk of recession in the U.S. all conspired to create doubt over short-term tanker demand. VLCCs heading West from the Mideast Gulf were fetching W100, while those going East were fetching W127, brokers said. Though this looks like a huge drop compared to the W182 that eastbound VLCCs were demanding during the first week of December, the figures are incomparable after the Worldscale Association completed its annual adjustment of flat rates on January 1. Brokers said on Friday that rates should rally when Saudi Aramco releases its cargo nominations next week. Million-barrel ships have enjoyed sustained demand out of West Africa for journeys to the U.S., and the route has established itself at the W205 level. VLCCs have been fetching as much as W165 on similar routes, and W142.5 from West Africa to the Far East, but brokers said these rates were based on the 2000 Worldscale schedule. The absence of exports from Ceyhan meant that million-barrel ships were enjoying less firm conditions in the Med. Smaller ships did well in the Med, with 80,000 tonners getting W240, and even gaining similar rates in the North Sea. - (Reuters)

Maritime Today


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

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

People & Company News

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Tanker Trends

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

First LNG Vessel Transits Expanded Panama Canal

Today, the Panama Canal marked another milestone with the transit of the first-ever liquefied natural gas (LNG) carrier through its expanded locks.   Shell-chartered

Port of Rotterdam Throughput Dips in 2016

Compared to the first half of 2015, which saw throughput increased by 6.8 percent, the Port of Rotterdam handled 3 percent less cargo in the first six months of 2016,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.0890 sec (11 req/sec)