VLCC Rates Hit Highs

Tuesday, November 21, 2000
Middle East to Asia bound very large crude carrier (VLCC) rates have hit to a new record high beyond the psychological barrier of W200, brokers said on Tuesday. Indonesian oil major Pertamina paid W205 to fix the C Navigator for a 245,000 ton cargo going East at the end of November, but that peak was above the current market, brokers said.

"Remember this is a small cargo, so the rate is higher than the usual VLCC rate," said one Oslo-based tanker broker.

"The ship's next cargo will be 265,000 ton, and for that it has fixed at W188. The rate for 270,000 tonrs from the AG to South Korea is still in the W175-180 region." This equates to $2.4 per barrel.

The W205 rate is the biggest for a VLCC going East since the early seventies, but changes to the flat rates and to the bunker prices since then mean the two cannot be easily compared.

Further rate increases will largely depend on how many cargoes remain to be fixed. Brokers say there still appears to be scope for further rate gains. Geneva-based broker Marinav puts the November tally of VLCC and ULCC fixtures at 128 for a cargo total of 34.5 million tons. December stands at 80 fixtures so far, compared to a monthly average for the year of 113 fixtures and a monthly high of 129.

"We need 20 more fixtures to meet the low, 33 for the average and 49 to equal the high," says Marinav's Riaz Khan. "Which will it be?" he adds, "By our count 32 more fixtures is what we expect, for a total of 112."

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

Court Dismisses Boating Industry’s Challenge to EPA Misfueling Rule

The National Marine Manufacturers Association (NMMA) said it is disappointed with the U.S. Court of Appeals decision released on Tuesday, October 21, 2014 for the D.

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

Tanker Trends

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

ClassNK Completes Work on KOTC Vessel

ClassNK announced that it has completed work on the 31,445GT Product Tanker MUTRIBA, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

 
 
Maritime Contracts Maritime Security Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.1630 sec (6 req/sec)