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Rates rebound after slumping

Rates rebound after slumping
Rates have finally rebounded after weeks of consistent slumping, as activity picks up in VLCC spot markets around the world, brokers say.

Rates have finally rebounded after weeks of consistent slumping, as activity picks up in VLCC spot markets around the world, brokers say.

Rates have finally rebounded after weeks of consistent slumping, as activity picks up in VLCC spot markets around the world, brokers say.

Brokers are reporting MEG-East voyages at around WS 35 compared to WS 25 last week, while MEG-West voyages firmed up to WS 25 from WS 20.

Fixtures to move West African crude to the US Gulf moved up from WS 42.5 last week to WS 50 this week.

Owners are still not breaking even and current rate levels are still at seven to ten year lows.

ccording to Fearnleys, ?the total number of VLCCs fixed from the MEG for April loading appears to be higher than what was seen in March, but the number of fixtures for both of these months was far below what was seen for the corresponding months in 2008.?

Looking ahead, Fearnleys told that ?any further rate increases for VLCCs trading in the MEG is strongly contingent on demand remaining steady and thus reducing the existing surplus of available vessels.?

Crude oil tanker markets are getting slammed by OPEC supply cuts and weakening global oil demand, according to brokers.

They say that vessel over-supply is building up on the 'twin effects' of OPEC export reductions and declining demand, with no real positive factor in sight to 'mop up' the excess tonnage.

?OPEC is supposedly trying its best to cut 4.2 million barrels per day (bpd) from the market. Full compliance is equivalent to at least two VLCCs out of a job everyday,? said one broker.

Meanwhile, the Paris-based International Energy Agency (IEA) has revised its 2009 global oil demand further downwards by 1 million barrels per day (bpd).

Its latest Oil Market Report now pegs 2009 global oil demand at 83.4 million bpd, a 2.4 million bpd drop from 2008 global oil demand levels.

www.TurkishMaritime.com.tr

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