Oil Lifters News

Erika Syndrome Hits Aframax Market

The Erika syndrome, by which charterers are seeking tankers younger than 20 years of age, shifted focus to the Atlantic Aframax markets, shipping brokers said. Two weeks ago oil lifters scrambled to fix modern VLCCs for Middle East to Far Eastern destinations, lifting rates by a third, on the back of anxiety about older substandard tankers after the Erika broke up off France in December. This week 80,000 tonners in the North Sea benefited from a combination of tight availability and the rush to quality while in the Mediterranean poor weather helped a two tier market develop. Million barrel rates out of West Africa were also bouyant on demand from the U.S.