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VLCC/ULCC Markets w/e 27th January 2012
Chinese New Year and no real surprise that the VLCC market has had a quiet week. Read More.
Handymax/Size Report w/e 27th January 2012
There comes a time when spot demand slows so much there are too many ships everywhere. Read More.
OSG Article
News
Friday 27th January 2012 - VLCC/ULCC Markets w/e 27th January 2012
VLCC
Chinese New Year and no real surprise that the VLCC market has had a quiet week. The Indian charterers did their best to keep things moving, but a slide in rates was almost inevitable. Rates had risen last week, as the Chinese utilised a lot of the available tonnage to clear their desks prior to the new year. Owners will be doing their best to halt the slide next week. For the Arabian gulf loads, W78 (on the 2011 rate) was reported on Monday on a replacement deal to Thailand. By Friday, for a similar voyage with Singapore discharge cargo, W60 (this on the 2012 rate) was reported, approximately equivalent to W71 on last year’s rates. To the West, W42.5 (2011) was reported today. The Iranian situation remains at the forefront of shipping minds and everyone is watching the situation closely. Most Owners are reluctant to call Iran so those Charterers with contracts to lift Iranian crude will find the pool of available ships considerably diminished.
In the Atlantic, the London arm of a Chinese major remained busy with a few deals as did Indian Charterers. For West Africa to China, W59 (’12) was completed by an Eastern ballaster, this compared to mid W60’s being the last done. Numbers to India also dropped off down to the mid $4m’s. Sidi Kerir was a popular loading spot with 2 deals reported Trans-Atlantic in the mid W70’s.
Chinese New Year and no real surprise that the VLCC market has had a quiet week. The Indian charterers did their best to keep things moving, but a slide in rates was almost inevitable. Rates had risen last week, as the Chinese utilised a lot of the available tonnage to clear their desks prior to the new year. Owners will be doing their best to halt the slide next week. For the Arabian gulf loads, W78 (on the 2011 rate) was reported on Monday on a replacement deal to Thailand. By Friday, for a similar voyage with Singapore discharge cargo, W60 (this on the 2012 rate) was reported, approximately equivalent to W71 on last year’s rates. To the West, W42.5 (2011) was reported today. The Iranian situation remains at the forefront of shipping minds and everyone is watching the situation closely. Most Owners are reluctant to call Iran so those Charterers with contracts to lift Iranian crude will find the pool of available ships considerably diminished.
In the Atlantic, the London arm of a Chinese major remained busy with a few deals as did Indian Charterers. For West Africa to China, W59 (’12) was completed by an Eastern ballaster, this compared to mid W60’s being the last done. Numbers to India also dropped off down to the mid $4m’s. Sidi Kerir was a popular loading spot with 2 deals reported Trans-Atlantic in the mid W70’s.