"Ship owners are being forced to pay to carry oil from the Middle East to the U.S. for the first time in at least a decade after demand collapsed and the fleet expanded. Supertanker owners make no rental income from the voyages and are paying $3,445 a day toward fuel costs, data from the Baltic Exchange in London show. Rental rates normally cover fuel costs . The journey to the Louisiana Offshore Oil Port from Ras Tanura, Saudi Arabia’s largest export facility, earned owners as much as $104,663 a day in July..."
CM Market Bulletin
VLCC
A quiet week with little fresh enquiry from MEG and rates now slipped ex-West Africa, owners struggling to find any positive signs in the market and charterers just sitting back in no rush to fix.
Suezmax
A modest amount of activity but with a tonnage list a mile long rates were unable to make any significant gain.
Panamax
1. CARIBS - A good amount of activity this week but any sustainable gain in rates seems unlikely. Expect rates to remain soft next week.
2. FAR EAST- There are plenty modern vessels available off Singapore, and very little requirement to even keep the voyage calculator ticking over. There were various fuel oil tenders closing during the week, but still a large proportion of the players in these control tonnage that they will look to protect first, before showing to the spot market. Current market assessment for Indo/North is at ws70 level
Tanker stock moves during the last 5 days:
Frontline: +7.75%
General Maritime: -0.82%
Knightsbridge Tankers: +25%
Nordic American Tanker: +8%
Tsakos Energy Navigation +18.66%
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