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Supertanker rates extend gains

Supertanker rates extend gains

Charter rates for supertankers on the industry's benchmark route gained for a third session in London as demand for the carriers strengthened.
The cost of shipping 2 million-barrel cargoes of Saudi Arabian oil to Japan, a voyage that's used to settle freight derivatives, advanced 4.6 percent to 82.34 Worldscale points, according to the London-based Baltic Exchange today. Yesterday's 12 percent advance was the largest since Jan. 13 and owners are now making US$46,122 a day from the route.
"Mid-June cargoes came into the market with full force," Martin Sommerseth Jaer and Erik Nikolai Stavseth, analysts at Arctic Securities in Oslo, said in an e-mailed report today. "We expect the sentiment to remain positive and rates to move higher this week."
The number of supertanker bookings from the Persian Gulf has jumped 15 percent to an average of 105 consignments a month so far this year compared with 2009, according to data from Paris-based shipbroker Barry Rogliano Salles. The data exclude contractual loadings.
"Owners have the mental upper hand at the moment," said Halvor Ellefsen, a tanker broker at SeaLeague AS in Oslo. "Quite a few cargoes came in on top of each other's and charterers "have to come in for cover" after a lull in bookings last week.
Persian Gulf booking levels are up 11 percent to 101 cargoes a month this year, according to data from London-based shipbroker Galbraith's Ltd.
"Accumulating tonnage"
While rates for the largest oil transporters are rising, the wider Baltic Dirty Tanker Index declined 1.8 percent as charter rates slumped for smaller vessels that normally haul cargoes within the same continent.
Rates for so-called aframaxes that carry 70,000 metric tons to 100,000 tons dropped 13 percent in the Caribbean today, and 6.8 percent in the Baltic Sea, according to the exchange.
There is "very little fresh activity and an accumulating tonnage list" for the ships in the Mediterranean, London-based ICAP Shipping International Ltd. said in an e-mailed report late yesterday.
Worldscale points are a percentage of a nominal rate, or flat rate, for more than 320,000 specific routes. Flat rates for every voyage, quoted in U.S. dollars a ton, are revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates.
Each flat rate assessment gives owners and oil companies a starting point for negotiating hire rates without having to calculate the value of each deal from scratch.
Rental income from aframaxes fell 13 percent to $15,277 a day for its seventh straight drop. Returns from suezmaxes fell 4.1 percent to US$33,526 a day.


Updated : 2021-10-18 04:21 GMT+08:00