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Tanker rates firm up in March; trend likely to continue

55715 fcras 18/4 2012 10:06

Wednesday, 18 April 2012

"All's well that ends well". Indian shipping companies are trying to draw some cold comfort

from the title of this Shakespeare's play, as the last quarter of 2011-12 saw global freight rates gaining traction, especially in the tanker segment.

This brought some cheer to ship owners, who had to put up with a feeble freight market for the whole of the fiscal.

They expect the rates to sail on this relatively firmer note in the coming months.
Analysts feel that tanker rates will continue to inch up in the next few months, with uncertainties over Iran crude supplies prompting refineries to stock up additional stocks and new refineries going in for Latin American crude, involving long-haul shipments.

"We feel that the tough times are receding. We are seeing more fixtures on the global chart that may keep freight rates stable in the coming months," Mr A.R. Ramakrishnan, Essar Shipping Managing Director, told Business Line.

For the first time during the fiscal, the daily charter rate for a very large crude carrier (VLCC) breached the $20,000-mark in the last few days of March 2012.

In fact, the year started with VLCC rates averaging about $550 a day in April 2011 and hovering between $3,000 and $5,000 a day between August and December.

In the first week of this month, the rate ruled at over $24,000 a day.

With the new refineries in India, such as those of Reliance and Essar, designed to crack dirtier crude, these companies are now bringing in crude from Latin American countries despite the longer haul.

"While shipping crude from Middle East to India could take three to four days, hauling it from Latin America would take between 30 and 40 days.

Such long hauls tend to nudge up tanker rates," Mr Ramakrishnan said.

Source: Hindu Business Line

Maersk: Pool agreement signed - Nova Tankers is the name of the new market leading VLCC pool


Tanker Fixture Report:

Real Time Information:

WS/TC Equivalent:


18/4 2012 16:11 fcras 055737

Nova Tankers on target

Wednesday, 18 April 2012 ' 16:30

Nova Tankers is on target to introduce 50 VLCCs into its new pool this year.Morten Pilnov, managing director of the recently set up Nova Tankers VLCC pool, said that the business plan was on target to hit 50 vessels by the summer of this year from around 40 at the beginning of April.

By the third quarter of this year, the pool will consist of 11 MOL VLCCs, six Samco tankers, 14 Ocean Tankers VLCCs and another 19 from Maersk Tankers. Out of these, around 10-11 will be newbuildings, Pilnov said.

The commercial operator is looking to arrange around one or two charters per day and since it has been in operation, Nova Tankers had concluded 46 fixtures by the middle of April.

He explained that the aim is to look at short timecharters, coas and spot business. long term charters would be handled by the pool members individually, he said.

"Scale does matter as it increases utilisation," Pilnov explained.

Source: Tanker Operator