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<ref name="unctad0757">UNCTAD 2007, p. 57.</ref>
<ref name="unctad0757">UNCTAD 2007, p. 57.</ref>
<ref name="unctad0759">UNCTAD 2007, p. 59.</ref>
<ref name="unctad0759">UNCTAD 2007, p. 59.</ref>
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p. 57
p. 57
*2006 was a good year for all tanker market segments, but not as good as the previous two years
*2006 was a good year for all tanker market segments, but not as good as the previous two years<ref name="unctad0757"/>
*in 2006, the tanker freight market evolved against a background of high oil prices, increased geopolitical
*in 2006, the tanker freight market evolved against a background of high oil prices, increased geopolitical
tensions, fears about oil supply disruptions, OPEC decisions to cut production and a growing demand for oil.
tensions, fears about oil supply disruptions, OPEC decisions to cut production and a growing demand for oil.<ref name="unctad0757"/>
*The main driving force for tanker shipping in 2006 continued to be the growing demand for oil.
*The main driving force for tanker shipping in 2006 continued to be the growing demand for oil.<ref name="unctad0757"/>
*imports into the United States and Western Europe continued to grow moderately, demand in the expanding economies, especially China, has been growing exponentially.
*imports into the United States and Western Europe continued to grow moderately, demand in the expanding economies, especially China, has been growing exponentially.<ref name="unctad0757"/>
*As of 2006, it would appear that sustained growth of oil prices over the past few years had, so far, a limited impact on demand.
*As of 2006, it would appear that sustained growth of oil prices over the past few years had, so far, a limited impact on demand.<ref name="unctad0757"/>
*All five freight indices collected for tanker ships dropped during 2006
*All five freight indices collected for tanker ships dropped during 2006<ref name="unctad0757"/>


p. 59
p. 59
* crude- average VLCC/ULCC WS rates from the Persian Gulf to Japan in 2006 ranged from WS 58 to WS 110
* crude- average VLCC/ULCC WS rates from the Persian Gulf to Japan in 2006 ranged from WS 58 to WS 110<ref name="unctad0759"/>
* crude-avg suezmax West Africa–North West Europe ranged from WS 115 to WS 176
* crude-avg suezmax West Africa–North West Europe ranged from WS 115 to WS 176<ref name="unctad0759"/>
* crude-aframax, North West Europe–North West Europe, WS 101 to WS 180
* crude-aframax, North West Europe–North West Europe, WS 101 to WS 180<ref name="unctad0759"/>
* crude-handysize, Mediterranean–Mediterranean 165- 342
* crude-handysize, Mediterranean–Mediterranean 165- 342<ref name="unctad0759"/>
* clean tankers, 20 - 80,000 dwt, WS 112 for 70k-80dwt Persian Gulf–Japan to WS 438 25,000–35,000 dwt Singapore–East Asia
* clean tankers, 20 - 80,000 dwt, WS 112 for 70k-80dwt Persian Gulf–Japan to WS 438 25,000–35,000 dwt Singapore–East Asia<ref name="unctad0759"/>


p. 61
p. 61
* a great volatility in rates and
* a great volatility in rates and<ref name="unctad0761"/>
* usual seasonal trend was observed during the first quarter owing to winter demand
* usual seasonal trend was observed during the first quarter owing to winter demand<ref name="unctad0761"/>
* 2007, persistent average spot rates volatility in all tanker sectors
* 2007, persistent average spot rates volatility in all tanker sectors<ref name="unctad0761"/>
* reduced activity resulting from a weaker winter demand (milder temperature), excess tonnage
* reduced activity resulting from a weaker winter demand (milder temperature), excess tonnage
supply in the Persian Gulf loading areas and, more specifically, single-hull tankers in the East of Suez market, refinery outages, restricted cargo supplies due to the OPEC cuts and extended refinery maintenance periods.
supply in the Persian Gulf loading areas and, more specifically, single-hull tankers in the East of Suez market, refinery outages, restricted cargo supplies due to the OPEC cuts and extended refinery maintenance periods.<ref name="unctad0761"/>
*increase in summer demand in May (driving season in the United States and airconditioning
*increase in summer demand in May (driving season in the United States and airconditioning
units) resulted in increased demand for gasoline,
units) resulted in increased demand for gasoline,<ref name="unctad0761"/>


'''CRUDE TANKERS'''
'''CRUDE TANKERS'''
* VLCC, Persian Gulf to Japan, annual average time charter equivalent earnings were $51,550 in 2006, $59,070 in 2005 and $95,250 in 2004.
* VLCC, Persian Gulf to Japan, annual average time charter equivalent earnings were $51,550 in 2006, $59,070 in 2005 and $95,250 in 2004.<ref name="unctad0761"/>


p. 62
p. 62
* VLCC: time charter equivalent earnings for ships of 260,000 dwt on the West Africa to the Gulf of Mexico route were $43,400 per day in December 2006
* VLCC: time charter equivalent earnings for ships of 260,000 dwt on the West Africa to the Gulf of Mexico route were $43,400 per day in December 2006<ref name="unctad0762"/>
*Suezmax, West Africa–Caribbean/East Coast of North America route, the annual average time charter
*Suezmax, West Africa–Caribbean/East Coast of North America route, the annual average time charter
equivalent earning were $46,000 per day in 2006 compared with $47,550 per day in 2005, and $64,800 per day in 2004.
equivalent earning were $46,000 per day in 2006 compared with $47,550 per day in 2005, and $64,800 per day in 2004.<ref name="unctad0762"/>
*2006, Suezmax, Equivalent time charter earnings for a 40,000 dwt ship were $56,300 per day in January, $59,500 per day in August and $42,000 per day in December.
*2006, Suezmax, Equivalent time charter earnings for a 40,000 dwt ship were $56,300 per day in January, $59,500 per day in August and $42,000 per day in December.<ref name="unctad0762"/>


p. 63
p. 63
*2006, Aframax, cross-Mediterranean route dropped from $43,915 in 2004 to $39,000 in 2005 and $31,750 in 2006.
*2006, Aframax, cross-Mediterranean route dropped from $43,915 in 2004 to $39,000 in 2005 and $31,750 in 2006.<ref name="unctad0763"/>
*2006, aframax, average rates fluctuated, with voyages within the North-West Europe ranging from WS101 in April to WS 180 in October. For a 80,000 dwt ship, this is equivalent to time charter earnings of $21,600 and $66,000 respectively
*2006, aframax, average rates fluctuated, with voyages within the North-West Europe ranging from WS101 in April to WS 180 in October. For a 80,000 dwt ship, this is equivalent to time charter earnings of $21,600 and $66,000 respectively<ref name="unctad0763"/>
* 2006, handysize, time charter equivalent earnings for the Caribbean to the East Coast of North America were, for a ship of 60,000 dwt, $40,900 per day in December 2005 (WS272), $42,800 per day in January 2006 (WS267) and $22,300 per day in September 2006 (WS166).
* 2006, handysize, time charter equivalent earnings for the Caribbean to the East Coast of North America were, for a ship of 60,000 dwt, $40,900 per day in December 2005 (WS272), $42,800 per day in January 2006 (WS267) and $22,300 per day in September 2006 (WS166).<ref name="unctad0763"/>
*Estimated 1-year time charter rates for a 5-year Suezmax vessel (95,000–110,000 dwt) were $36,000 per day in January 2005 and $32,500 per day in December 2006. Rates started at $32,100 per day in January 2007 and reached $33,000 per day in May.
*Estimated 1-year time charter rates for a 5-year Suezmax vessel (95,000–110,000 dwt) were $36,000 per day in January 2005 and $32,500 per day in December 2006. Rates started at $32,100 per day in January 2007 and reached $33,000 per day in May.<ref name="unctad0763"/>


'''PRODUCT TANKERS'''
'''PRODUCT TANKERS'''
* in 2006, product tanker demand increased due to economic expansion in Asia, especially China and India,
* in 2006, product tanker demand increased due to economic expansion in Asia, especially China and India,<ref name="unctad0763"/>
* in 2006, average time charter equivalent earnings for product tankers decreased, compared with the two previous years.
* in 2006, average time charter equivalent earnings for product tankers decreased, compared with the two previous years.<ref name="unctad0763"/>
* 2006, average annual time charter equivalent earnings on the Caribbean–East Coast of North America/Gulf of Mexico route were $21,400 per day in 2006 compared with $25,240 per day in 2005 and $24,550 in 2004.
* 2006, average annual time charter equivalent earnings on the Caribbean–East Coast of North America/Gulf of Mexico route were $21,400 per day in 2006 compared with $25,240 per day in 2005 and $24,550 in 2004.<ref name="unctad0763"/>
* 2006, 50,000 to 60,000 dwt, Persian Gulf to Japan, average spot rates were WS194 in
* 2006, 50,000 to 60,000 dwt, Persian Gulf to Japan, average spot rates were WS194 in
December 2006 compared with WS316 in December 2005, or charter equivalent earnings of $24,700 per day and $45,900 per day resp
December 2006 compared with WS316 in December 2005, or charter equivalent earnings of $24,700 per day and $45,900 per day resp<ref name="unctad0763"/>


'''Chartering'''
'''Chartering'''
*2006 product tanker chartering activity: 58% long-term charters of 24 years or more, 14% 12-24 years, 4% 6-12 years, an 24% less than 6 years.
*2006 product tanker chartering activity: 58% long-term charters of 24 years or more, 14% 12-24 years, 4% 6-12 years, an 24% less than 6 years.<ref name="unctad0763"/>
*1-year time charter rates for a 5-year-old ship of 280,000 dwt went from $56,500 per day in
*1-year time charter rates for a 5-year-old ship of 280,000 dwt went from $56,500 per day in
December 2005 to $53,000 per day in September 2007 with a high of $64,500 per day in September 2006.
December 2005 to $53,000 per day in September 2007 with a high of $64,500 per day in September 2006.<ref name="unctad0763"/>

Revision as of 09:30, 9 October 2008

[1] [2] [3] [4] [5]


[1] [2] [3] [4] [5]


Chartering and freight rates

  • Charter party def
  • Types of charter agreements
  • Freight rate def
  • 4 types of freight rate
    • WS/ATRS
    • Lump sum
    • Rate per ton
    • Time charter equivalent


p. 57

  • 2006 was a good year for all tanker market segments, but not as good as the previous two years[1]
  • in 2006, the tanker freight market evolved against a background of high oil prices, increased geopolitical
tensions, fears about oil supply disruptions, OPEC decisions to cut production and a growing demand for oil.[1]
  • The main driving force for tanker shipping in 2006 continued to be the growing demand for oil.[1]
  • imports into the United States and Western Europe continued to grow moderately, demand in the expanding economies, especially China, has been growing exponentially.[1]
  • As of 2006, it would appear that sustained growth of oil prices over the past few years had, so far, a limited impact on demand.[1]
  • All five freight indices collected for tanker ships dropped during 2006[1]

p. 59

  • crude- average VLCC/ULCC WS rates from the Persian Gulf to Japan in 2006 ranged from WS 58 to WS 110[2]
  • crude-avg suezmax West Africa–North West Europe ranged from WS 115 to WS 176[2]
  • crude-aframax, North West Europe–North West Europe, WS 101 to WS 180[2]
  • crude-handysize, Mediterranean–Mediterranean 165- 342[2]
  • clean tankers, 20 - 80,000 dwt, WS 112 for 70k-80dwt Persian Gulf–Japan to WS 438 25,000–35,000 dwt Singapore–East Asia[2]

p. 61

  • a great volatility in rates and[3]
  • usual seasonal trend was observed during the first quarter owing to winter demand[3]
  • 2007, persistent average spot rates volatility in all tanker sectors[3]
  • reduced activity resulting from a weaker winter demand (milder temperature), excess tonnage

supply in the Persian Gulf loading areas and, more specifically, single-hull tankers in the East of Suez market, refinery outages, restricted cargo supplies due to the OPEC cuts and extended refinery maintenance periods.[3]

  • increase in summer demand in May (driving season in the United States and airconditioning

units) resulted in increased demand for gasoline,[3]

CRUDE TANKERS

  • VLCC, Persian Gulf to Japan, annual average time charter equivalent earnings were $51,550 in 2006, $59,070 in 2005 and $95,250 in 2004.[3]

p. 62

  • VLCC: time charter equivalent earnings for ships of 260,000 dwt on the West Africa to the Gulf of Mexico route were $43,400 per day in December 2006[4]
  • Suezmax, West Africa–Caribbean/East Coast of North America route, the annual average time charter

equivalent earning were $46,000 per day in 2006 compared with $47,550 per day in 2005, and $64,800 per day in 2004.[4]

  • 2006, Suezmax, Equivalent time charter earnings for a 40,000 dwt ship were $56,300 per day in January, $59,500 per day in August and $42,000 per day in December.[4]

p. 63

  • 2006, Aframax, cross-Mediterranean route dropped from $43,915 in 2004 to $39,000 in 2005 and $31,750 in 2006.[5]
  • 2006, aframax, average rates fluctuated, with voyages within the North-West Europe ranging from WS101 in April to WS 180 in October. For a 80,000 dwt ship, this is equivalent to time charter earnings of $21,600 and $66,000 respectively[5]
  • 2006, handysize, time charter equivalent earnings for the Caribbean to the East Coast of North America were, for a ship of 60,000 dwt, $40,900 per day in December 2005 (WS272), $42,800 per day in January 2006 (WS267) and $22,300 per day in September 2006 (WS166).[5]
  • Estimated 1-year time charter rates for a 5-year Suezmax vessel (95,000–110,000 dwt) were $36,000 per day in January 2005 and $32,500 per day in December 2006. Rates started at $32,100 per day in January 2007 and reached $33,000 per day in May.[5]

PRODUCT TANKERS

  • in 2006, product tanker demand increased due to economic expansion in Asia, especially China and India,[5]
  • in 2006, average time charter equivalent earnings for product tankers decreased, compared with the two previous years.[5]
  • 2006, average annual time charter equivalent earnings on the Caribbean–East Coast of North America/Gulf of Mexico route were $21,400 per day in 2006 compared with $25,240 per day in 2005 and $24,550 in 2004.[5]
  • 2006, 50,000 to 60,000 dwt, Persian Gulf to Japan, average spot rates were WS194 in

December 2006 compared with WS316 in December 2005, or charter equivalent earnings of $24,700 per day and $45,900 per day resp[5]

Chartering

  • 2006 product tanker chartering activity: 58% long-term charters of 24 years or more, 14% 12-24 years, 4% 6-12 years, an 24% less than 6 years.[5]
  • 1-year time charter rates for a 5-year-old ship of 280,000 dwt went from $56,500 per day in

December 2005 to $53,000 per day in September 2007 with a high of $64,500 per day in September 2006.[5]

  1. ^ a b c d e f g h UNCTAD 2007, p. 57.
  2. ^ a b c d e f g UNCTAD 2007, p. 59.
  3. ^ a b c d e f g h UNCTAD 2007, p. 61.
  4. ^ a b c d e UNCTAD 2007, p. 62.
  5. ^ a b c d e f g h i j k l UNCTAD 2007, p. 63.
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