User:Haus/9

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[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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