Tanker Rates Near Bottom

Wednesday, December 20, 2000
Tanker rates in the Caribbean have been free-falling all week, but the bottom is looming closer, brokers say. "They're about W307 today, but they're starting to firm up" said a U.S. broker. At the end of last week, Exxon fixed the Amazon Eagle for a Gulf-bound 70,000 ton cargo from the Caribbean at W400. But Wednesday fixture-lists show Exxon fixing the same sized tankers for the same route at W307. "At the start of the week Exxon quoted one cargo and got 11 offers, so they brought the market back down to W332.5. They ended up fixing four ships at that rate," said the broker. Shortly thereafter another ship was fixed at W325, said the broker and then Fina fixed the Clyde Spirit at W317. The most recent fixture on the route, which was by Exxon at W307, is not truly representative however, as it was an OBO - a type of ship that typically trades at a small discount to other tankers. On the other side of the Atlantic, similar sized ships were moving swiftly ahead, having gained 20 points yesterday on the strength of new stems.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.2360 sec (4 req/sec)