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)

People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0882 sec (11 req/sec)