Tanker Rates Fall

Wednesday, March 21, 2001
Million-barrel tanker trades have been unable to weather a wave of fresh competition from VLCCs in the Atlantic, and rates have started to plummet, brokers said on Wednesday. "A lot of charterers are taking Vs (VLCCs) now, and all the Suezmaxes (million-barrel tankers) are building up with nothing going on in the Med and North Sea," said a London broker. Oslo brokers reported on Wednesday that Sun had chartered the million-barrel North Star for a voyage from Angola to the U.S Atlantic Coast at W147.5, compared to week-ago levels of W180. At the start of the week, freight from Nigeria to the U.S. Gulf was $1.74 per barrel on a VLCC, compared to $2.3 per barrel on a million-barrel tanker, although brokers said on Wednesday that the spread was rapidly narrowing. The biggest effect on rates has been seen on West African trades, but North Sea and Mediterranean trades are also in decline. Wednesday's fixture lists showed thin enquiry on North Sea million-barrel trades, with the Tromso Confidence fixed by Irving for a transatlantic voyage at W177.5, about 30 points down on week-ago levels. London's Baltic Exchange pegged cross-Mediterranean trades on million-barrel tankers at W185, about 12 points down on week-ago levels. - (Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Tanker with Iraqi Kurdish Oil Anchors off Texas Port

A tanker carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, and must undergo a routine safety inspection by the U.S. Coast

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

BV Group Launches Maritime Pilot Phase

Bureau Veritas Group Launched Maritime Pilot Phase for its Single Window for Foreign Trade in Togo. The ceremony took place in Lomé, under the patronage of the President of the Republic,

Tanker Trends

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The Jane

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1096 sec (9 req/sec)