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Sunday, December 17, 2017

Chinese New Year in full swing - quiet tanker market and softer freight rates

BraemarSeascope reports that with the Chinese New Year now in full swing, the tanker market has become very quiet. This was to be expected, and even though owners knew this would probably happen, it has not prevented the freight rates from falling. Also, the volume of fixing has dropped to this week's 14  compared to last week's 46, bringing the total so far for February to 89. This leaves, in theory, about 20 cargoes unfixed, but there are plenty of ships available, which should depress the market further.

 

However it does appear as if the bottom is not too far away before charterers start their March programme.

 

The 30-day ship availability index has risen from last week's 74 to the current figure of 87. In the West VLCC tonnage is scarce, but with Bonny and Forcados declaring force majeure, some charterers maybe looking to relet tonnage already fixed. At present this market is stable, with some eastern charterers still scrambling for ships but any extra tonnage becoming available will not be good news for the independent owner.

 

The availability of tonnage arriving in the Arabian Gulf during the next 30 days is 46 double hulls and 41 single hulls, compared to 38 and 36 last week. 

 

Date of BS report

Arriving Double hull

Arriving Single hull

Total arriving

Number Fixtures

$/day AG Japan 250,000 ts cargo*

26-Jul-07

49

54

103

27

$20,580

02-Aug-07

49

60

109

22

$17,955

09-Aug-07

48

49

97

20

$16,661

16-Aug-07

47

59

106

22

$16,624

23-Aug-07

50

45

95

43

$26,042

30-Aug-07

62

50

112

19

$28,753

06-Sep-07

63

47

110

26

$19,178

13-Sep-07

63

43

106

43

$14,443

20-Sep-07

33

40

73

40

$17,871

27-Sep-07

42

37

79

16

$27,124

04-Oct-07

45

47

92

29

$23,440

11-Oct-07

39

48

87

29

$15,509

18-Oct-07

41

29

70

29

$18,362

25-Oct-07

41

28

69

22

$19,384

01-Nov-07

44

23

67

31

$16,846

08-Nov-07

34

19

53

20

$15,525

15-Nov-07

24

28

52

33

$21,254

22-Nov-07

20

24

44

28

$47,583

29-Nov-07

17

20

37

33

$104,834

06-Dec-07

15

25

40

17

$129,537

13-Dec-07

19

20

39

37

$188,764

20-Dec-07

24

26

50

15

$249,826

10-Jan-08

63

50

113

28

$169,077

17-Jan-08

55

52

107

16

$106,654

24-Jan-08

69

51

120

28

$67,714

31-Jan-08

38

36

74

46

$59,920

07-Feb-08

46

41

87

14

$74,023

 

 

 

 

Contact: Erik Ranheim