VLCC Rates Bounce Back With A Vengeance

Tuesday, August 21, 2001
Rates for eastbound VLCC cargoes of crude oil made a sudden comeback on Tuesday, with the Tankers International alliance booking out three of its ships at more than 30 percent over Monday's market rate, brokers said.

"VLCCs have managed to claw back some of what they've lost," said a London broker. "The big game is for the early ships, for the first few days of September. For dates around the 12th we're looking at low to mid fifties," he added.

Tankers International fixed out two VLCCs for eastbound loadings on September 1, one to Texaco and one to Thai Oil at a rate of W60. Another went to Singapore Petroleum Company for September 2 loading at the same rate, equating to $0.52 per barrel.

The overall increase in costs for charterers since Monday could be as high as 16 cents on the barrel for shipments to Southeast Asia.

Tankers International is a pooling alliance between five of the world's biggest tanker owners: Frontline, OSG Group, AP Moller, Euronav and Oldendorff. It currently controls 53 of the world's 200 VLCCs.

Most analysts have predicted a downturn in tanker earnings in September when OPEC cutbacks are expected to severely impact tanker demand. - (Reuters)

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

Offshore

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Maersk Line Gets new AEO number

Maersk Line has been re-certified as an Authorised Economic Operator (AEO) with the AEO-F, the highest achievable accreditation in the European Union programme.

Hofste, Montijn Nominated to Supervisory Board Fugro

Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board

Tanker Trends

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

Batangas Port Sets Container Record

Batangas Container Terminal (BCT) set a new record in 2014 for containers handled, says its operator Asian Terminals, Inc. (ATI).  Port handled over 98,000 twenty-foot-equivalent

Yamal LNG Inks Deal with Gazprom to Sell LNG in Asia

A trading subsidary of Russian gas producer Yamal LNG has signed a long-term supply contract with a trading subsidiary of Gazprom, under which liquefied natural

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1057 sec (9 req/sec)