Page 29: of Maritime Reporter Magazine (June 1999)

Market Reports (Tanker Market Report continued from page 22) ducers continued into the third quarter of the year to produce oil as if the Asian crisis did not exist, resulting in huge build-ups of oil inventories. In the last four months production cutbacks and a larger number of newbuildings depressed freight rates significantly.

Single voyage freight rates for a

ULCC did actually experience a minor increase from 1997 to 1998 reaching $30,000/day. While old VLCCs main- tained their 24,000 level, modern ones saw a decline of $3,000 down to $33,000/day in 1998. Freight rates for modern Suezmaxes were down $3,000/day to a level of $22,000, mod- ern Aframaxes were more seriously hurt with tc-results falling by more than $6,000/day down to an average of $16,000 in 1998. Large clean carriers last year obtained $17,000/day, which was $2,000 below the year before.

Modern MR types fell from $13,000/day to $11,000/day.

Tankers Sold For

Scrapping, by Size (Mill. DWT)

Year 10- 70- 120- 200,000+ Total 69,999 119,999 199,999 89 0.5 0.6 0.3 0.3 1.7 90 0.4 0.5 0.2 0.0 1.1 91 0.3 0.9 0.8 0.5 2.7 92 1.4 2.5 1.4 5.1 10.4 93 0.6 2.7 1.4 6.0 10.7 94 0.6 1.3 1.3 8.6 11.8 95 0.9 0.5 1.4 7.8 10.6 96 1.0 0.6 1.1 4.1 6.8 97 0.3 0.7 0.4 2.0 3.4 98 0.5 0.7 1.6 4.2 7.0 source: The Platou Report

Tanker Fleet (Mill. DWT)

Existing Lay/up Tankers Comb. Oil Fleet fleet &storage opeating in oil operating 89 233.9 12.3 221.6 11.7 233.3 90 240.5 11.4 229.1 10.4 239.5 91 247.4 10.2 237.2 12.9 250.1 92 255.4 11.5 243.9 11.8 255.7 93 261.8 15.8 246.0 10.1 256.1 94 266.9 15.0 251.9 10.8 262.7 95 265.0 13.1 251.9 11.4 263.3 96 263.2 11.2 252.0 8.4 260.4 97 267.2 12.3 254.9 11.3 266.2 98 268.7 12.3 256.4 12.1 268.5 99 273.6 9.4 264.2 12.3 276.5 source: The Platou Report

An interesting feature is the reduced tc-result difference between old and modern tanker tonnage, caused by the dramatic drop in bunker prices.

Seaborne Oil Trade

After two consecutive years of four to five percent annual growth in seaborne oil trade, R.S. Platou said that a preliminary estimate, based on export data, indicates an increase in 1998 of only one percent. Exports from the Middle East rose by four percent,

Age Profile For Tankers (Mill. DWT - Jan. 1, 1999)

Year built -78 79-83 84-88 89-93 94-98 Total 10-69,999 15.2 13.7 9.3 6.6 9.8 54.6 70-119,999 12.3 8.4 8.2 11.9 11.5 52.3 120-199,999 17.0 2.9 2.1 12.0 7.5 41.5 200,000+ 56.9 6.3 7.5 29.7 24.8 125.2

Total 101.4 31.3 27.1 60.2 53.6 273.6 source: The Platou Report

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