Middle East Gulf

Rates on slide as low demand hits crude oil market

Thin demand continued to depress all sectors of the crude oil market and tonnage continued to build up in early positions last week, offering no reason for optimism in the near future, E.A. Gibson Shipbrokers says.

Wednesday, 9 September, 1998, 12:00am

Lack of demand cuts into rates

The deceleration in demand for ultra large crude carriers and very large crude carriers out of the Middle East Gulf this week probably accounts for the fact that there are now seven to eight such vessels awaiting cargoes in this area.

14 Oct 1996 - 12:00am

Volume out of Middle East considerably reduced

The volume of fixing of VLCCs from the Middle East Gulf last week was considerably reduced.

It is anticipated that April schedules from this area will be clarified this week, resulting in more activity.

18 Mar 1996 - 12:00am

Over-supply hits rates on VLCCs

FALLING demand for VLCCs (very large crude carriers) to the West was highlighted last week with the anticipated availability for this month of 62 vessels, totalling 19 million tonnes.

2 Oct 1995 - 12:00am

Middle East Gulf vessels struggle

IF owners of very large crude carriers (VLCCs) and ultra large crude carriers (ULCCs) were scratching their heads last week they must be tearing their hair out now.

That is because of the difference between feast and famine for vessels operating out of the Middle East Gulf.

In the past, holidays in Europe or the United States would have affected the market.

6 Feb 1995 - 12:00am

Marginal drop in VLCC traffic out of Mid-East

THERE was only a marginal drop in VLCCs (very large crude carriers) and ULCCs (ultra-large crude carriers) fixed out of the Middle East Gulf last week, involving 15 vessels of 4.2 million deadweight tonnes, although most have been closed to the Far East and Red Sea.

16 Jan 1995 - 12:00am

Demand for big vessels promises boost to owners

FOR the third successive week about 20 ultra-large and very large crude carriers totalling about 5.5 million tonnes have been fixed from the Middle East Gulf, maintaining a healthy-looking market.

If demand continues at this level, a steady but controlled increase in rates can be expected as its outstrips slightly the average weekly availability of this type of tonnage.

27 Jun 1994 - 12:00am

Another disappointing week for larger vessels

LAST week saw another disappointing amount of new enquiry for very large crude carriers (VLCCs) and ultra-large crude carriers (ULCCs) from the Middle East Gulf, only just matching the previous weeks levels.

Again rates showed little with VLCCs being fixed to Europe at Worldscale (WS) 34 an ULCCs to the Red Sea at just over WS 30.

16 May 1994 - 12:00am

Quiet business forces Mid-East rates downward

THE volume of business out of the Middle East Gulf last week remained extremely disappointing, with fixings diminishing.

Of the 14 which have been reported, 12 were of very large crude carriers (VLCCs) and two of ultra-large crude carriers (ULCCs), of which nine are destined for the Far East and the Red Sea and five to the West, totalling 3.7 million tonnes of cargo moved.

21 Mar 1994 - 12:00am

Heavy VLCC and ULCC fixings support rate levels

HEAVY fixings in the Middle East Gulf of very large crude carriers (VLCCs) and ultra-large crude carriers (ULCCs) in recent weeks has been sufficient to keep the market buoyant.

14 Mar 1994 - 12:00am

Strong fixings fail to stimulate rate rises

IT is surprising that with nearly seven million tonnes of tonnage being fixed last week, rate levels have not shown a significant improvement.

7 Mar 1994 - 12:00am

Festive season sees rates tumble to bargain-basement levels

SHIPOWNERS have been emulating the British retail industry by holding sales over the Christmas and New Year period, during which rates for very large crude carriers (VLCCs) have dropped as low as Worldscale (WS) 32.5 for voyages to the West, but the plunge has now been arrested.

10 Jan 1994 - 12:00am

Fixing pressure gives rates boost

ALTHOUGH fixing last week was about recent levels, there has been a marked improvement in rates.

Some 14 very large crude carriers (VLCCs) and one ultra-large crude carrier (ULCC) were fixed during the week, totalling around four million tonnes, but the majority of this came in the last three days, putting pressure on rates.

26 Apr 1993 - 12:00am

Mid-East charter activity raises hopes on rates for larger tonnage

OWNERS would not have been too unhappy last week, with a much broader pattern of enquiry from charterers for larger tonnage.

The market for very large crude carriers (VLCCs) and ultra-large crude carriers (ULCCs) operating out of the Middle East Gulf was boosted by take-up of 16 vessels to move 4.5 million deadweight tonnes (dwt).

1 Mar 1993 - 12:00am