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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

Danny Broad Appointed to ARENA Board

The Chair, Board members and staff of the Australian Renewable Energy Agency (ARENA) are delighted to advise that Danny Broad has been appointed by the Australian Government to the Board of ARENA.

Tanker Trends

Iran Gas Exports to Europe Would Take at Least 5 Years

Iran would take at least five years to start exporting natural gas to the European Union if sanctions were removed, industry experts said on Wednesday. Last month,

CSC Launches Gas Storage Integrity Management Team

UK-based Chesterfield Special Cylinders (CSC) has launched a new integrity management team to work with owners and operators of high pressure gas storage vessels as installed in rigs and ships,

China Aviation Oil Seeks Jet Fuel for Nov-Dec

China Aviation Oil (Singapore) is seeking up to 2.056 million barrels of jet fuel for loading over November to December, a tender document showed on Wednesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1076 sec (9 req/sec)