New annual high for West Africa Suezmaxes 3-Oct-00
Tosco chartering arm Emerald may have the dubious distinction of fixing the highest rate from West Africa to the US Atlantic coast seen so far this year. On Monday, the charterer was reported fixed with the 1993-built Knock Clune, 147,048 dwt, at 130 x WS 215 loading October 25. However, brokers estimate that rates in West Africa will rise further leaving the distinction for another charterer yet to fix. In August ENAP fixed the same rate from West Africa, but to Chile not the USAC.
The lowest rate fixed so far this year was 130 x WS 90 confirmed on January 20. Monday’s rate represents an increase of more than $10 a tonne from West Africa to the USAC, which is now about $17.50 a tonne. Correspondingly, West Africa Suezamx earnings are now more than $50,000 per day compared to last year’s average daily earnings of $15,416 according to Clarkson’s Shipping Intelligence Weekly.
Rates from West Africa to the Med are also up to 130 x WS 202.5. Back in July rates peaked at 130 x WS 200.
The 1m barrel market in the Mediterranean has helped fuel the rise in West Africa, brokers reported. Increased Russian crude liftings in the Black Sea initiated a run on tonnage in the Med where rates have risen to $6.17 a tonne and within five points of this year’s high. In mid-July a rate of 130 x WS 245 was reported fixed. Last week Suezmax tankers averaged about $78,000 a day for cross-Med voyages compared with an average of $17,381 for all of last year, according to Clarkson’s Shipping Intelligence Weekly. |
