Tanker Trends

Friday, March 17, 2000
Mideast Rates Climb As Heavy Fixing Seen

Freight rates for crude tankers loading early April in the Middle East were climbing early last week as shipowners held out for higher prices in expectation of heavy vessel fixing, brokers said. VLCC rates to the U.S. Gulf were expected to rise five or more Worldscale points to W62.5-65 ($10.75 per ton) for the next done fixture, some brokers said. Japan shipment prices were also lifting with the latest bookings at W70 ($7.50 per ton), up from W67.5 in the week before.

"We believe this week will be heavy for one reason alone, there will be placement of barrels West to alleviate the shortage that the U.S. market is stressing," broker Marinav Shipping & Trading forecast in its March 13 report.

"Owners are holding out to get the rates to go higher because of bunker costs," another broker said.

Marinav predicted an early release of Iraqi barrels heading to the U.S. Bunker fuel prices fell back by more than $15 in Singapore to about $178, after going over $200 a week earlier.

However, levels were still high enough to make longhaul journeys uneconomic, particularly for older ships. A lack of suitable modern tonnage available early April for U.S. acceptances was also encouraging owners to push for higher rates.

"Everybody appears to be waiting for the first company to pay over W60 to the U.S.," another broker said.

"If there is a hold back then it will be charterer's playing at getting the best they can out of the owners rather than all coming into the market place like they did four weeks ago," Marinav added.

Other sectors appeared to be softening, though. Slow activity in the Mediterranean and North Sea saw Aframax rates coming off a couple of points to about W167.5 ($5.50 per ton) and W182.5 ($6.75), respectively for modern ships, brokers said. Suezmax business was also quiet with rates largely unchanged from the end of last week. - (Reuters)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Romica Manufacturer Secures DNV GL Approval

U.K. winch maker Romica said it is to “redouble its exports drive” after its Romania-based manufacturing partner successfully acquired accreditation with DNV GL.

HII Names Leonard a Corporate Director

Capt. Joseph J. Leonard (U.S. Navy, Ret.) has joined Huntington Ingalls Industries (HII) as corporate director of customer affairs, large surface combatant program, the shipbuilder announced.

Tanker Trends

Port of Rotterdam Throughput Dips in 2016

Compared to the first half of 2015, which saw throughput increased by 6.8 percent, the Port of Rotterdam handled 3 percent less cargo in the first six months of 2016,

Libyan Deal to End Oil Ports Blockade Needs Signing

Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

 
 
Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage 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: 0.0721 sec (14 req/sec)