US Bans Imports From Chinese Fishing Company Citing Seafarer Welfare
By David Lawder (Reuters) – U.S. Customs and Border Protection on Friday imposed a new import ban on seafood from a Chinese fishing fleet that the agency says is using...
Rates for medium-range (MR) tankers for 37,000-tonne cargoes from Rotterdam to New York were at W165.42, or $19,061 a day when translated into average earnings
That compared with W167.29 or $19,450 a day on Friday and W146.67 or $14,543 a day last Tuesday. There was no data last Monday. Last week earnings reached their highest since mid February, helped by firmer bookings for gasoline cargoes to the U.S. and product shipments toArgentina.
“The resultant fixing swiftly trimmed the Continent position list and allowed rates to surge. Activity has since died down with most charterers seemingly having covered their requirements,” broker SSY said.
“This, coupled with the impending arrival of a number of transatlantic ballasters into the region, is starting to pressure rates once more.”
Earlier this year transatlantic earnings jumped to their highest in a year helped by gasoline arbitrage trading and firmer booking activity before a rally ran out of steam.
In April last year, rates reached their highest since 2008 on a jump in U.S. gasoline demand. Since then, average earnings have remained volatile.
Long Range 1 tankers, carrying 55,000-tonne loads from the Middle East Gulf (MEG) to Japan, were at W99.54 or $6,629 a day.
That compared with W99.92 or $6,416 a day on Friday and W107.42 or $9,139 a day last Tuesday.
“Long-range aframax and panamax … rates have been easing with LRs on the Arabian Gulf/Far Eastroute currently seeing rates of $11,000/day compared to $14,000/day a week ago. Seasonally weaker demand in the Asian market has been the main culprit,” Global Hunter Securities said.
Late last year the volume of LR1 fixtures jumped to their highest in years, helped by healthy naphtha and jet fuel bookings to Asia, sending earnings to their highest since early October 2009.
Larger Long Range 2 or LR2, 75,000-tonne shipments on the Middle East Gulf to Japan route were at W83.86 or $8,401 a day. That compared with W84.59 or $8,376 a day on Friday and W89.18 or $10,540 a day last Tuesday. (Reporting by Jonathan Saul; Editing by Mark Heinrich)
(c) 2013 Thomson Reuters, Click For Restrictions
Join the 69,520 members that receive our newsletter.
Have a news tip? Let us know.