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Tankers International Alliance News

20 Aug 2001

Tanker Market Looks Glum For September Loading

Tanker markets soared into orbit this week for August loading dates, but remained dull and depressed for September loading, brokers said. London tanker brokers said late on Thursday that they were negotiating North Sea Aframax deals (70-80,000 tons) for August loading at W200, representing a rise of over 80 percent in the space of 48 hours. But September cargoes were fixed at a much more sedate W110. Shell paid W175 for a Statoil owned ship heading to the northern Europe, and brokers said on Friday that W180 ($0.96 per barrel) had also been done. There was no evidence of anything firm at W200. "It is reasonable to anticipate that further gains could be achieved for end month liftings," said London broker Gibsons.

20 Aug 2001

TotalFinaElf Adamantly Denies VLCC Sale Block

TotalFinaElf denied reports on Friday it had blocked the sale of a VLCC it charters from Norwegian tanker operator Bergesen to three members of the Tankers International alliance. Both Bergesen and Frontline had told the Oslo Stock Exchange that the oil major had vetoed the $78 million sale of the Berge Tokyo complete with its longterm charter. The buyers were Frontline, OSG and Euronav. "We never indicated that the deal should be cancelled," said a TotalFinaElf spokesman. "We've asked for some guarantees, but have had no news from them. I don't think cancelled and frozen mean the same thing," he added. The rumor that Bergesen could terminate the "evergreen contract" to TotalFinaElf next year has been reverberating around the tanker broking market all day.

21 Aug 2001

VLCC Rates Bounce Back With A Vengeance

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.