British Broker Reports Surge In Tanker Rates, Fall In Laid-Up Tonnage
London shipbroker E.A. Gibson said that the tanker market closed 1985 "on the highest note for some time," with a surge in freight rates during the last two months of the year. As a result, some Greek ship- owners are buying secondhand tonnage at a brisk rate. Laid-up tonnage is at a three-year low, orders for new tankers are very scarce, and scrapping continues to boom.
Some freight rates, in particular for tonnage in the 80,000 to 100,000- dwt range, doubled during December, producing a spinoff to other sectors including ULCCs and VLCCs. During the last few weeks of the year, Greek owners snapped up about a dozen of the huge crude carriers, making their total purchases during the second half of 1985 more than seven million dwt.
The ULCCs are going at bargain prices. Thassos Maritime Enterprises bought the 392,000-dwt Berlin, which cost $75 million to build 10 years ago, for about $5 million.
The tanker has been laid up for the past two years in a Norwegian fjord.
Some 15 VLCCs have been taken out of lay-up along the Greek coast to capitalize on the rising frieght rates and lower operating costs.
They will sail through the Suez Canal in ballast to load crude oil in the Arabian Gulf during the next two months.
"We feel more confident of owners' fortunes in 1986 than we did at the beginning of 1985," Mr. Gibson said.
Other stories from February 1986 issue
- Bremer Vulkan To Build 2 Bremen Class Frigates For Federal German Navy page: 5
- Study To Evaluate Tanker-Based FPSO For Gulf Of Mexico page: 5
- Marinette Marine Delivers Last Of 52 Workboats A Year Ahead Of Schedule page: 6
- Boston Fuel Acquire Assets Of Boston Towboat Co. page: 7
- M.A.N.-GHH To Build Floating Drydock For Polish Shipyard page: 7
- British Broker Reports Surge In Tanker Rates, Fall In Laid-Up Tonnage page: 7
- Robert E. Derecktor Launches First Of Two Staten Island Ferries page: 8
- Beth-Sparrows Point Yard Installs $1.1-Million Intermediate Gate For Building/Vessel Servicing Basin page: 8
- New Names Announced For Wartsila Diesel Units page: 9
- HIAB-FOCO Delivers Two Service Cranes To North Sea Oil Project page: 9
- Bath Iron Works Launches Its First Aegis Cruiser page: 10
- Water Jetting System To Install Steel Pilings Developed By Navy page: 11
- USCG And ASNE Flagship Section Sponsor Patrol Boat Symposium page: 12
- Webber Appointed Vice Admiral And U.S. Navy's Chief Engineer page: 12
- Automatic Power Offers 20-Page Color Brochure On Marine Signal Systems page: 12
- Captain Hjelde Named VP And GM At Barber page: 13
- TeleSystems MCS-9100 Receives Japanese Type Acceptance page: 13
- IS IT TIME TO TAKE THE PUBLIC SHIPYARDS PRIVATE? page: 16
- UPDATE ON FY 1986 NAVY PROGRAMS page: 26
- Navy Contracts Totaling $629.2 Million Awarded To Bath And Ingalls Yards page: 30
- Peterson Builders Delivers ARS-51, Grasp, To Navy page: 31
- 1986 Apelco Full-Color Product Catalog Available page: 34
- Carnegie Hero Medals Awarded Posthumously To Fournier, Govoni page: 34
- Coast Guard And Navy To Hold Joint Fire Research Program page: 35
- Peterson Builders Receives Navy Certification Of Metal Spray Facility page: 35
- Key Appointments At Oerlikon page: 36
- NICOR Consolidates Administrative Functions Of 2 Marine Subsidiaries page: 36
- BP Offers Free 32-Page Brochure On World Energy page: 37
- ASEA Names Jon Turley Manager Marine Offshore page: 37
- New One-Stop Shopping Sensors And Controls Catalog From Transamerica Delaval page: 38
- Marine Machinery Association To Sponsor Navy/Industry Panel Discussions On Feb. 26 page: 38
- The New 710G Series Diesel Engines From General Motors Electro-Motive Division page: 40
- Todd Ceases Operations At New Orleans Division page: 41
- Marine Travelift Introduces New Floating Boat Hoist Design page: 41
- Puroflow Filters To Protect Sperry Computers page: 42
- Texas Instruments Offers New GPS Software page: 43
- Aegis Missle Cruiser Valley Forge Commissioned At Ingalls Yard page: 44
- New Yard Opens In Port of Altamira page: 47
- Jacques Cousteau Receives Testimonial Plaque From Carrier Transicold Employees page: 47
- Vecom Takes Over Marine Division Of Houseman page: 48
- Caterpillar Offers Literature On New Marine Diesel Propulsion System Products And Support Programs page: 49
- New Teleflex Remote Valve Actuators Are Designed To Eliminate Problems And Cut Costs page: 52
- Dr. A.C. Antoniou Joins ASRY Production Team page: 53
- Dillingham Offers Free Full-Color Brochure On Ship Repair Facilities page: 53
- Hempel Introduces 'Damp Steel' Primer page: 54
- Reco Crane Promotes Hardin—Literature Offered page: 60
- Metropolitan Offers New Vanstone Flanged Fittings page: 60
- Meyer Retires As Deputy Commander At NAVSEA page: 60
- American Appoints Monaco New Cordage Engineer page: 61