- Category: General
- Published on Wednesday, 24 February 2016 06:34
- Written by Administrator2
- Hits: 539
Publicado por Marine Link
VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply, could fall as more supertankers become available for charter in the last 10 days of this month, a Singapore-based VLCC ship broker said on Friday. Rates from the Middle East to Japan have climbed 17 points on the Worldscale measure after hitting a six-and-a-half year low on Aug. 26. That is equivalent in average earnings of almost $21,000 per day. Supertanker rates from West Africa to China have also recovered. That followed a surge in chartering activity with around 50 eastbound cargoes fixed from the Middle East and West Africa by operators and traders, including the National Shipping Company of Saudi Arabia (Bahri), and Morgan Stanley, Reuters chartering data showed. Unipec, the trading and shipping arm of China Petroleum & Chemical Corporation (Sinopec), fixed 20 of these cargoes from the Middle East and West Africa to Asia, mainly China. Many of the early fixtures were older vessels or supertankers chartered straight from dry dock at cheaper rates by owners because otherwise the ships would have to wait for cargo, the broker said. Rates climbed as this supply of prompt tonnage disappeared, although the market may face a similar situation in the next week or so.
According to a report from Bloomberg, the chartering manager of Dynacom Tankers Management Ltd., an Athens-based operator of supertankers, told Bloomberg that vessel supply is balanced and rates are expected to go from 70 to 75 Worldscale points by next week. (Source: Bloomberg)
Freight rates for supertankers to Asia, which last week suffered their most serious decline in over two years, have now stabilised and look set to recover, tanker brokers said on Wednesday. One London broker referred to a VLCC fixture, the Lyria, on Monday to South Korea at W47.5 ($0.80 per barrel) as an exception to the market and the lowest point that it would go. "That fixture of the Lyria we can say marks the bottom of the market and we'll see a gradual recovery from here," he said
A Texas appeals court affirms US$3.5-million judgement against Daewoo Shipbuilding & Marine Engineering Co. The court upheld a jury’s finding that the Korean company wrongfully refused to pay consultants who helped secure a $696 million contract to build supertankers. The Fourteenth Court of Appeals held that the jury’s interpretation of an ambiguous agreement between Daewoo — the world's second largest shipbuilder — and Ikanco Inc
The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs, shipping and trade sources said. Crude prices have fallen nearly 60 percent since June and, with prices a year ahead already quoted about $10 a barrel dearer than now, crude traders have hired up to 20 supertankers to store oil with a view to turning a big profit later.
Mideast crude freight to Japan highest since 2010. North Asian refiners have snapped up Russian crude oil loading in the last two months of this year to meet peak winter demand as Middle East and West African grades have become more costly after freight rates hit multi-year highs, traders said on Thursday. The freight rate for chartering Very Large Crude Carriers (VLCC) plying the key Middle East to Japan route <DFRT-ME-JAP> and the West Africa to China route are at the highest in
Caribbean crude tanker rates shot through the roof as oil poured towards the United States, brokers said. Typical rates for 70,000 ton upcoast U.S. liftings soared past W300 ($12.25 per ton) - up around 20 points on the previous day and about 75 points over a week ago. Increased crude production by Venezuela and Mexico was reportedly causing the spike. Increased VLCC arrivals from the Middle East was also putting pressure on Aframax supply in the U.S
U.S. and European sanctions designed to pressure Iran over its nuclear program may be cutting the Persian Gulf nation’s oil exports, as vessels cancel trips to the country. Shipments have declined by 300,000 to 400,000 barrels a day, because sanctions are preventing Iran from selling oil, said Amrita Sen, an analyst at Barclay’s Capital in London. Half of the tankers booked to load at the country’s largest terminal last month didn’t complete the voyages
BW Maritime inks contract with Samsung Heavy Industries for BW’s first Liquefied Natural Gas Floating Storage Regasification Unit (LNG-FSRU). Expected to be delivered in 2015, it will be the latest addition to BW's fleet of 16 LNG carriers, building on and increasing its existing LNG expertise. This vessel and floating terminal will be able to receive and convert LNG into its gaseous form for offloading via pipelines, to gas facilities on-shore.
Low bunker prices buoy owners' spot charter earnings. Freight rates for very large crude carriers (VLCCs), which have fallen to their lowest level in 10 months, are set to slide further next week as the volume of available tonnage outpaces cargo demand. "I don't think we've seen the bottom yet even if rates may have stabilised," said a Singapore-based supertanker broker on Friday. "The tonnage list is still building," the broker added.