VLCC Wellness offers slimming, beauty, dermat, hair and laser treatment nearby location with all the latest facilities at the most affordable Cost & Packages. Historically, the 10 Year treasury rate reached 15.84% in 1981 as the Fed raised benchmark rates in an effort to contain inflation. Owner-, broker- and agency members can access information about non-payment issues, fake invoices and fraudulent behaviour reported to BIMCO. VLCC operating at 15.8 knots and 15.0 knots, respectively. Handysize rates have recovered from their low of just USD 1,974 per day on 21 August, to stand at USD 5,601 a week later. Rates from the Middle East to Asia are now lower than the low point last year. The EIA doesn’t expect global oil demand to return to pre-pandemic levels in 2021; instead, it sees demand rising to 100.17m bpd in 2021 (in 2019 it was 101.25m bpd). Suezmax owners’ earnings have surged by more than 350% on average worldwide since the beginning of September. Travel restrictions remain complicated and demand for global travel is still abated. Like crude oil production, product supplied in the US remains below last year’s level, though up from the lows reached at the height of the lockdowns. The capesize index, which tracks iron ore and coal cargos surged 5.8% to 3,082; and the panamax index, which measures coal or grain cargos went up 0.3% to 1,617. The 130,000mt West Africa to UK Continent market has been steady, with the market sitting at WS142.5 region. Finally we find the short-term distribution of the spot rate when demand is high and low. Dirty Aframax UKC/UKC - 80,000. The high crude oil imports into China have again caused delays at ports, driving up the inefficiency of the fleet and lowering the number of ships that would otherwise be available – and, in that way, supporting freight rates. Illustrating the falling price, despite the full-year 12.1% increase in volume terms, Chinese crude oil imports have dropped in value by 23.7%. For 135,000mt Black Sea to the Mediterranean rates are assessed at around WS157.5 level. 06/01/2020. Elsewhere in the world, however, the still-low oil price is hindering some production from being restored. This means it would take 80 ounces of silver to buy a single ounce of gold. Crude oil and oil products were among the commodities most affected, most quickly, by the lockdowns around the world. Dirty Suezmax Wafr/UKC - 130,000. The drop wipes out six years of demand growth, with 2021 unlikely to see a return to 2019 levels. In fact, crude processing reached its highest ever level in China in July, at 59.6m tonnes, with accumulated year on year volumes up 2.3% in the first seven months of the year. Vlcc Tanker Rates. Given the global recession and lower transport demand, however, the tanker industry is set for some challenging months. Want to buy or download a BIMCO publication? The last VLCC to be demolished was in June 2019, with only four having been demolished since October 2018. Year to date, no VLCCs have been demolished, while 26 were delivered, resulting in the VLCC fleet growing by 7.9m DWT. Historically, the 30-year mortgage rate reached upwards of 18.6% in 1981 and went as low as 3.3% in 2012. Suezmax So far this year, 547,334 DWT of oil-product tankers have been removed. Source: The Baltic Briefing, Tankers: VLCCs React to New Higher 2020 Worldscale Flat Rates, Online Daily Newspaper on Hellenic and International Shipping, This site uses cookies to enhance your user experience. Though Chinese demand for crude oil and oil products has risen from the low point in February, much of this extra crude oil is going straight into storage. • single screw VLCC oil tanker, with 17 cargo oil tanks including 2 slop tanks A and 12 segregated water ballast tanks. BIMCO expects demolition activity to rise as freight rates and actual demand for tanker shipping falls, with total crude oil demolition coming to 7.5m DWT in the full year and 1m DWT of product tankers being demolished. With higher bunker costs in US Gulf rates for 270,000mt US Gulf to China is now assessed firmer at between $12.75/13 million. Aframax On the other side of the Atlantic, rates for 70,000mt Caribbean to the US Gulf have continued to firm, with the market in the low WS320s and short East Coast Mexico to US Gulf runs have now been covered in low WS350s. Structural ♦ Hull designed to IACS Common Structural Rules for Tanker (CSR). In the US, weekly crude oil production is still reduced from its high point in March (13.1m bpd), standing at 10.7m bpd. This is what happened to me. This is either directly, as crude, or after having been processed. The 70,000mt US Gulf to Trieste run remains strong, with rates nudging close to WS300. FREE CHARTS. A six-month review of the deal, originally scheduled for mid-August, has been postponed, with no new date set, highlighting the tensions between the two countries. Despite tensions between the US and China ratcheting up in previous months, there was progress made on the Phase One trade agreement, with record-high US crude oil exports to China in May, when 5.1m tonnes was exported. It is expected that it would also be incorporated for EEDI phase 2 which will come into force on 1 January 2020. At 4.1m DWT, product tankers is the only segment in which there have been more new orders in the first eight months of this year than the same period of last year (+31.9%). The lower contracting activity fits with the poorer outlook, which is also reflected in the value of second-hand tankers. Despite lower oil demand because of the public health measures, many countries saw imports rising year on year in the second quarter, as they sought to cash in on the cheap oil. There are many different kinds of mortgages that homeowners can decide on which will have varying interest rates and monthly payments. The loss of several years’ growth in global demand for oil – and, therefore, for tanker shipping – will lead to a worsening of the fundamental balance in the market. Spot rates for crude tankers are expected to be negatively impacted later this year and into 2021, though tanker supply fundamentals can offer a positive counterbalance, according to … As adopted at the General Meeting in Athens, May 2019. For all the latest of BIMCO's own market analysis on global shipping, including macroeconomics, dry bulk, tanker and container. VLCC The introduction of the new higher 2020 Worldscale (WS) flat rates saw rates adjust downwards, accordingly with the market. January 13, 2020 by Yaamini Radhakrishnan Future Miss Pretty Me. At USD 11,949 per day, Suezmax earnings are also around USD 8,000 below breakeven, and Aframaxes can expect to lose USD 7,700 per day, with earnings averaging USD 9,322 per day. 270,000mt Middle East Gulf to China is now hovering in the low to mid WS120s, with the market for 280,000mt Middle East Gulf to US Gulf, via Cape/Cape, now assessed in the very low WS60s. That compared with $40,700 per day in 2016 and $66,700 in 2015. Spot rates in the Middle East Gulf have increased dynamically on Thursday and Friday after two tankers were attacked in the Gulf of Oman. Aframax Tanker Spot Rates-10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q1 Q2 Q3 Q4 Day Source: 90% of Clarksons (Aframax Global Average) Last Updated: January 31, 2020 2018 2019 2020 … In the Atlantic a similar scenario was seen, with rates for 260,000mt West Africa to China being evaluated in the WS105/107.5 region. However, as evidenced by flight passenger numbers in the US still being down considerably, demand for oil products still has a way to go. The Shipping KPI system is the tool for you. Rates for 37,000mt to the US Atlantic Coast remain in the high WS180s, gaining a further 10 points to WS185 level, with 38,000mt US Gulf to UK Continent in the low WS120s. on the vessel’s design, and possibly a tank test can be performed as part of assessment level 2. Contracting for crude oil tankers has fallen by 37.9% so far this year compared with last. The last time these levels were reached was between May 2014 and October 2015 and during the super cycle of 2007/2008. For the remainder of this year, the tanker shipping industry will find itself paying for the highs it reached in the second quarter. sanctions on Chinese shipping firm COSCO (China Ocean Shipping Company), the price in mid-March 2020 was the highest. Dirty VLCC MEG/Jap - 265,000. In its latest forecast, the US Energy Information Administration (EIA) estimates that global oil demand in 2020 will fall by 8.1 million barrels per day (bpd). Clarksons is the world’s leading provider of integrated shipping services, bringing our connections and experience to an international client base. Though revised slightly upwards from its May report, when it forecast a drop of 8.3m bpd, the downside risks weigh on the forecast as the coronavirus continues to spread. in International Shipping News I turned around as I heard someone calling me – ‘Mini Aunty’. Frontline has announced that the VLCC spot rates by the end of November for oil transports from the Middle East to Singapore will be around USD 41,000 per day, according to a brief from Platou. Dirty VLCC MEG/Jap - 265,000. The towering price is 140 percent higher than last month's rate level and 50 percent higher than last week's level. This slowdown in fleet growth will continue in the coming years, as the pandemic has lowered contracting activity. Time charter rates for tanker ships have also fallen. At the height of the oil price war, a one-year time charter for a VLCC would cost USD 80,000 per day; by 28 August, this had fallen to USD 36,000. Tensions have also been on the rise in the Middle East Gulf after US seizures of Iranian oil that was headed to Venezuela – which has also brought an increased focused on ships turning off their AIS locators when loading fuel in Iran, as well as ship-to-ship transfers. At USD 11,949 per day, Suezmax earnings are also around USD 8,000 below breakeven, and Aframaxes can expect to lose USD 7,700 per day, with earnings averaging USD 9,322 per day. Crude exports on VLCC tankers in July stood at 16.4m b/d, down 33% from a 2020 high of 24.4m b/d in April. Between April and July this year, Chinese crude oil imports grew by 17.2% on last year, necessitating an additional 94 VLCC loads (300,000 tonnes) compared with the same period the year before. This is on top of the 68 VLCCs delivered in 2019, which led to the VLCC fleet growing by 8.6%. This would aim to put a stop to the limited activity that is still happening, primarily with European and Asian buyers. Because the agreement is made in value rather than volume, the recent drop in oil price has made it even harder to achieve than previously, although it would provide an even bigger increase in demand for shipping were China to meet its commitments. Suezmax Tanker Spot Rates-20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 Q1 Q2 Q3 Q4 y Source: 90% of Clarksons (Suezmax Global Average) Last Updated: January 31, 2020 2018 2019 2020. I was taken aback when the neighbor’s kid, just 2 years younger to me, mockingly called me Aunty. According to Frode Mørkedal, managing director of research at Clarksons Platou Securities, “Average VLCC rates surged to $85,000 per day yesterday [Tuesday] on one of the busiest days recorded out of the Middle East Gulf, led by Bahri on the back of the increased Saudi export announcement for April. In fact, only seven crude oil tankers were demolished in the first eight months of 2020, totalling 681,832 dead weight tonnes (DWT). Several of the ships were chartered by Bahri under Contract of Affreightment, or CoA, deals wherein they can be used to move crude in back-to-back multiple voyages, they said. Tanker Worldscale Rates; Tanker TCE; Japanese Newbuilding Ship Values; 5 Year Old Secondhand Ship Values; SSY Capesize Indices; Bulk Carrier Freight Rates ; Bulk Carrier Time Charter Rates; Reports; Additional Resources; Please select. 4 . A new VLCC is worth 7.5% less now than at the start of the year, and the value of an LR2 has fallen by 1.7% – drops of USD 7.35m and USD 0.86m respectively. New York-based ship broker McQuilling Services forecast charter rates this year for a VLCC voyage from the Middle East to Japan would average $26,300 a day in a report on Wednesday. The higher demand for shipping at the time was not because of higher immediate consumption, but because of future demand being brought forward as importing refiners sought to benefit from the lower price. China recorded its highest crude oil imports in May (48.0m tonnes), only for that record to be broken again in June, when imports totalled 53.1m tonnes. Rewind a few years back. Despite the relevant lack of demand, shipowners remain resilient to accept lower rates. Despite the strong purchases in May and June, however, China remains far behind on its commitments under the Phase One agreement. VLCC rates tumble to lowest levels since February Things have cooled considerably from the spring rally. VLCC rate spike. As it looks now, 2022 seems to be the year in which volumes will have recovered. Global crude exports year-to-date (mn b/d) and global VLCC average rate to Asia ($/mt) Declining exports across major regions weigh on freight rates. All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners. His enthusiasm and overwhelming knowledge of the topic is truly inspiring. applied to simulate the probability distribution of the future spot rates under the different speed regimes. On 28 August, Very Large Crude Carrier (VLCC) earnings averaged USD 16,949 per day, indicating a loss of around USD 7,000 every day. BIMCO’s statements are our position on topical policy issues which we consider relevant to our members. This represents a marked slowdown from last year, when they grew by 4.6% and 6.2% respectively. According to just-posted fixture reports, they’ve now fallen lower still. Access BIMCO's COVID-19 related articles and advice. Though internal demand has recovered in China, international demand has fallen, with exports down to 3.2m tonnes this July compared with 5.5m tonnes last year. 10 VLCC loadings in West Africa have already been fixed for August's first decade. Tanker Worldscale Rates; Tanker TCE; Japanese Newbuilding Ship Values; 5 Year Old Secondhand Ship Values; SSY Capesize Indices; Bulk Carrier Freight Rates; Bulk Carrier Time Charter Rates ; Reports; Additional Resources; Please select. The mild winter so far means there is presently no significant ice in the Baltic and rates eased accordingly, with WS145 agreed. Already, tanker freight rates have fallen from the highs they reached when the market peaked in April, with all crude oil tankers seeing earnings beneath their daily break-even levels. Ships earned a bit more two weeks ago when voyages to China were paid around WS 48. Welcome to WFR, the Destination for Free Instant Market Rates, News, an Exchange Marketplace, and Resources and Tools for Rail, Truck or Ocean freight. It should be noted that, at present, this assessment method is valid for phase 0 and phase 1 of EEDI. VLCC tanker rates last surged in October last year in the aftermath of U. yesterday announced, the delivery of a Very Large Crude Carrier (hereinafter "VLCC"), "Phoenix Jamnagar". In the 80,000mt Ceyhan to Lavera trade rates are in the low WS200s, but brokers feel with the build-up of tonnage that the market will come under downward pressure. For general guidance and information on cargo-related queries. In contrast to the other major shipping sectors, the crude oil tanker sector has seen very little demolition in the first six months of the year. Book Online or Call: 1800-102-8522 Ten of these orders are for a series of 50,000 MR tankers placed by Bahri. The OPEC+ alliance, which includes the OPEC countries as well as ten other oil producing nations, the largest of which is Russia, has already begun reducing its production cuts, increasing its output by 2m bpd to 7.7m bpd, from 9.7m bpd immediately after the oil price war. Many analysts will use the 10 year yield as the "risk free" rate when valuing the markets or an individual security. A similar decline has occurred for LR2s, which, on 28 August, stood at USD 20,500 per day, down from USD 40,000 in late April. Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications. VLCC BIMCO's Reflections is published each year and delivered to all BIMCO members. VLCC rates along the Middle East to China route also cooled, falling to about $210,000 per day on Wednesday, down from about $265,000 on Monday, the data ship broking showed. Find specific taxes, tariffs and charges for a port, state or county, Peter Sand, BIMCO’s Chief Shipping Analyst will discuss the outlook for the container market in 2021. Land-based transportation has had a stronger recovery than air transport, but it remains lower than this time last year. The tanker industry experienced a boost immediately after the start of the COVID-19 crisis, because of the lower oil price and higher exports from major producers. VLCC rates have been rising sharply since the US imposed sanctions on units of Cosco Shipping. Whether or not China continues to make these higher purchases of US crude oil remains to be seen, with any that are made providing a good boost to the crude oil tanker shipping market, given the long sailing distance between the loading and discharging ports. Oil product tanker earnings have fared less well, with the largest LR2 tankers earning USD 18,785 per day on 28 August. The 80,000mt cross North Sea market is in the low WS160s and remains under downward pressure. It is a short and accessible analysis on the critical issues faced by the shippin... Piracy, armed robbery and other violent criminal acts at sea, Dangers associated with solid bulk cargoes, BACK TO: Container shipping: capacity management key to carriers’ profitability as volumes falter, NEXT: Macroeconomics: a slow and uneven recovery awaits, ‘Phase One’ agreement boosts exports and doubles volumes from last year, Tanker shipping: worst not yet over as industry pays for strong second quarter, Top analysts discuss the COVID-19 world in “The shipping markets checkpoint” webinar series, Tanker shipping: freight rates back at loss-making levels after 12 very profitable months, Stunning comeback to Q2 agricultural exports nearly triple freight rates. 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