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

Legal

Imabari to Construct Newbuilding Dry Dock

In order to accommodate construction of Ultra-Large newbuilding vessels including recently secured 20,000TEU Mega container ships (about 400m in length and about 59m breadth),

31 ARENA Projects Completed

ARENA has invested $1 billion in more than 230 projects, fellowships and scholarships that are paving the way for a more diverse energy future for Australia.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

Tanker Trends

Stolt-Nielsen Q4 Profit Misses Forecast

Shipping firm Stolt-Nielsen reported fourth quarter earnings below forecasts on Thursday and said it was concerned about the outlook for the chemical tanker market,

Wartsila Sees Low Oil Price Impacting Shipping

CEO cautious on 2015 outlook. Finnish ship engine and power plant maker Wartsila reported a smaller-than-expected quarterly profit and warned lower crude prices

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Simulators 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: 0.1417 sec (7 req/sec)