VLCC Rates

Friday, January 26, 2001
Eastbound VLCC freight that nearly topped W200 in November is now firmly mired beneath W100. "The market's really lost its way, but much of that is just down to sentiment," said one London tanker broker. Wednesday's fixture lists showed a number of deals hovering around the W100 mark, and even the very modern New Circassia accepted W101 from Stasco for an eastbound trip. Friday's fixture list however, showed the slightly older Musashi Spirit had been fixed at W90 to Japan, while the two-year old Golden Victory had accepted W92.5 for a similar voyage. London's Baltic Exchange closed Thursday night with its assessment of VLCC freight from the Mideast Gulf to Japan down 1.7 points to W91.4. The assessment is 11 points down on that of last Friday. Brokers said that changes to the Worldscale rate mechanism at the start of 2001 cut the figures by 20 percent across the board, and this accounts for much of the difference between Friday's fixtures and last year's market peak in November. In November, VLCC freight topped W200 with Pertamina's fixture of the C.Navigator for a 245,500 ton cargo going East at W205, the highest rate for a VLCC since the early seventies. But brokers pointed out at the time that the deal was a one-off and was about 20 points above the market rate at the time because the cargo was so small. -- (Reuters)

Maritime Today

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

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

Tanker Trends

New Methanol Projects to Change Chemical Shipping Patterns

New US and Middle East methanol production capacity being added over the next two years will have serious implications for chemical shipping trade flow patterns,

Frontline 2012, Frontline Merger Completed

Frontline 2012 Ltd. has completed its previously announced merger with Frontline Ltd. , with Frontline as the surviving legal entity and Frontline 2012 becoming

EuronavSells Suexmax Cap Laurent

Euronav NV announced the sale of its Suezmax Cap Laurent for $22.25 million. The 1998-built 146,145-dwt vessel was wholly owned by Euronav.    The vessel was

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
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: 0.0781 sec (13 req/sec)