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News minerva aframax daily rate hits

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  • 1. Minerva daily rate hits $19,500 Thursday07 October 2010 byMichelle Wiese Bockmann Fixes two aframaxes on a one-year time charter at a rate of $19,500 per day MINERVA Marine has fixedtwo aframaxes ona one-year time charter at a rate of $19,500 per day, writes Michelle Wiese Bockmann. The 2006-built, 104,500 dwt Minerva Clara was fixed to US-basedtanker company OSG, while the charterer for the 2004-built, 105,320 dwt Minerva Nike has not been reported. The rate is slightlyhigher thanthe $19,000 dailyrate that listed tanker company Genmar agreed with oil trader Trafigura two weeks ago. But CardiffMarine reportedlyagreeda rate of $15,000 dailyfor their 2009-built aframax Myrtos, for 30-90 days, according to broker reports. The tanker will be used by the charterer, Clearlake, for storage. The 2010-built, 112,043 dwt AshleyLadywas chartered to store bunkers by oil trader Vitol at $17,000 per day. Singapore-basedNavig8 alsocharteredthe 2004-built, 45,989 dwt Japanese-ownedproduct tanker Stavenger Eagle at $13,000 per day. Iron ore pushes up Baltic Index THE Baltic Dry Index rose to the highest in almost three weeks on strengthening iron ore demand, reports Bloomberg. The index climbed0.9% to 2,662 points, according to the Baltic Exchange, the highest since September 17 — and the gain was led by a 1.5 % increase in capesize vessels. Lower fourth-quarter contract pricesfor ironore are encouragingbuyers to bookcargoes, Citigroup Inc. said in a report today. Contract prices fell 11% from the third quarter, according to Plamen Natzkoff, a dry bulk trading strategist at Citigroup in London. “There is a pick-up intrade happening right nowwith the start of the fourthquarter and lower prices, and this is supporting capesize rates,” Mr Natzkoff said. Rates to hire capesize vessels climbedto $39,876 a day, extending this week’s gain to 22 %. On Wednesday, rates increased 6.3% and the day before by 9.5%. “I wouldbe cautious if I wanted to golong betting oneven higher freight rates,” Mr Natzkoff said. The BDI will average 2,463 this year, 2,349 next year and 2,235 in 2012, Citigroup forecasts. Charter rates for smaller panamaxes advanced 0.6 percent to $19,080 a day, according to the Baltic Exchange. Charter rates for supramax-classships advanced0.6% to $19,708 a dayandhandysizes fell 0.4% to $15,157 a day, according to the exchange. Singapore distillate store rises SINGAPORE’S stockpiles oflight distillates including gasoline and naphtha rose to a record, data fromthe Ministryof Trade and Industry showed, reports Bloomberg. Onshore inventories of light distillatessuchas naphtha, reformate and gasoline gained8.1 % to 12.3m barrelsinthe seven days through to today from a week earlier, International Enterprise Singapore said today. Supplies ofmiddle distillates, including gasoil and kerosene, fell 1.3% to 12.9m barrels. Stockpilesof residues, which includes fuel oil, low-sulphur waxy residue and excludes bitumen, declined 1.2% to 21.9m barrels.

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