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

Tanker Trends

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

Gail to Sell LNG Supplies from US to Shell?

GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production,

How Do You Lose 100 Million Barrels of Oil?

Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0760 sec (13 req/sec)