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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

New Milling Disc from IN.MOTION

IN.MOTION Technology Distribution, LLC, announced the launch of a new milling disc designed for fast, efficient beveling, weld preparation and weld repair. According to the manufacturer,

Hands Across the Water

U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has

Tanker Trends

Liner Service Reliability Jumps to 64%

According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high.

Suezmax Tankers Bullish

Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa.   Suezmax

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair 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: 0.1745 sec (6 req/sec)