Tanker Trends: Markets Lose Steam During Asian Holidays

Friday, May 12, 2000
Tanker markets cooled as Asian holidays took the steam out of recent strength, but some brokers saw it starting to simmer again last week. Holidays in Japan and Korea this week coincided with the end of most charterers' May programs, brokers said May 5. Approximately 18 VLCC fixtures of five million tons were reported in the Middle East Gulf, down from 22 of six million tons the week before, according to broker E.A. Gibsons. "However, there was sufficient momentum in the market to maintain rates at their previous levels," Gibsons said.

With modern tonnage remaining in tight supply it was reasonable to expect rates to stay at current levels or even improve over the next few weeks, it added.

Most brokers concluded that rates East were holding W95 to Japan ($10.50 per ton) and Korea, although some saw some improvement to around W97.5. Charterers were beginning to look at June voyages, several brokers said, with the expectation that the return from holidays next week would firm conditions.

Continuing strong export levels West from Iraq kept rates to the U.S. Gulf firm with W85-87.5 (about $15 per ton) quoted for modern ships at 280,000 tons.

The same situation ex West Africa had added a couple of points to VLCC and Suezmax voyages which were being reported at W95-plus ($8.75 per ton) for the bigger ships and W122.5-125 ($1.50) for the million barrel units.

But despite some expectations that delays caused by Norwegian tug strikes at Mongstad and Sture would mean Aframax shortages in the North Sea, rates refused to respond - chugging along at W132.5 ($5.00 per ton).

However, the 80,000 ton ships saw some firming in the Mediterranean where rates lifted to about W155 ($5.00 per ton) for newer vessels. Older tonnage could be found at 10 to 20 point discounts, brokers said. — (Reuters)


Marine Propulsion

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

MN100: R.W. Fernstrum & Company

The Company: R.W. Fernstrum & Company set the standard in marine heat exchangers over 65 years ago, building a reputation focused on innovation. Today, its commitment is to continual improvement,

SMM 2016: World Premieres from around the Globe

Some 50,000 trade visitors from the whole of the world are expected in Hamburg for the start of SMM in less than two weeks. And once again, it is fully booked – with a total of more than 2,

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
Maritime Contracts Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0673 sec (15 req/sec)