Tanker Rates Continue To Soar

Wednesday, June 21, 2000
Modern vessel shortages in the North Sea are pushing Aframax and Suezmax tanker rates to year high levels. Rates for Aframax 80,000 ton vessels have repeated the year-high of W217.5($8.00 per ton) for late month U.K./Continent liftings, but brokers said June business was now played out. One million barrel Suezmax tankers were benefiting strongly from bouyant North Sea markets with transatlantic rates climbing steeply to W165-W180. "There is a self-fueling cycle with each sector supporting the other in turn," a broker said. Attempts to replace Aframaxes with Suezmaxes after a number of the smaller ships were taken out of the short North Sea market for transatlantic crossings last month has put pressure on both. The 159,681 dwt Iran Susangird was reported chartered as a stop-gap for a late June UK/Continent 80,000 ton cargo, brokers said. Suezmaxes also continue in short supply due to U.S. demand for one million barrel ships in West Africa and rates have jumped again to as high as W170 ($15.50 per ton). But an opening spread against VLCCs was expected to increase demand for the larger tankers, brokers said. A West Africa VLCC was said booked on subjects at W130 for the U.S. ($11.75 per ton) - up from W110 ($10.00) last week. In the Mediterranean, Suezmaxes were retaining levels around W150 ($5.00 per ton) after a flurry of prompt Ceyhan liftings reported last week. "There could be some calming due to reported problems with next phase Iraqi oil contracts, but the bigger numbers should return when Ceyhan liftings come through again," a broker said. Middle East VLCC fixing was also increasing but rates were largely unchanged with Japan still at about W110 ($11.85 per ton) and the U.S. Gulf W90 ($15.50 per ton). But July liftings are expected to exceed those for June and put upward pressure on rates, brokers said.

Maritime Today


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

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

Ship Repair & Conversion

Video: Catapult Testing on Aircraft Carrier Abraham Lincoln

U.S. shipbuilder Huntington Ingalls Industries’ (HII) Newport News Shipbuilding division has begun testing the updated catapult systems aboard the U.S. Navy aircraft

USCG to Inspect Storm-damaged Anthem of the Seas

The storm-damaged Royal Caribbean cruise ship Anthem of the Seas is scheduled to return to New York Harbor Wednesday evening where it will be met by a team of inspectors from U.

Beacon Finland Appoints Rio Marine for US Support

Beacon Finland, a maritime-related firm engaged in naval architecture, marine engineering and equipment, has appointed Rio Marine to service its JAK-ATB coupling systems in the U.

Tanker Trends

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Shipping Corporation Q3 Profit Surges

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs.

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Port Authority Salvage Ship Electronics Ship Repair 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: 0.0615 sec (16 req/sec)