The most significant aspect of the North American unconventional crude oil renaissance is the variety of crudes produced; the Canadian oil sands supply heavy crudes and US shale reserves supply light crudes. Because of the assortment of crudes available from unconventional plays, increased North American production has displaced a wide range of foreign crudes, which has led to a restructuring of long-established trade routes.
Canadian exports to the US have had a considerable impact on the global supply chain and we project that this phenomenon will escalate through 2019. Canada is a net exporter of crude oil and as productivity ...
Tanker Market Commentary
Dec. 19, 2014
Clean East | Interesting week as we saw the AG and Southeast Asia market firming up, especially on the LR1s and MRs. Possibly due to forward fixing due as we approach the Christmas holiday. The North; however, is seeing signs of decline; seeing ships South China ballasting towards the South, not a common sight in a while.
Tanker Market Commentary
Dec. 18, 2014
Clean East | There's activity being seen in the AG market and rates are remaining stable. LR2s are being fixed at 75,000 x WS 99-100 levels. LR1s are firm and MRs are tight on the tonnage list. Activity in the Southeast was elevated with a flurry of fixtures fixed in the last decade of December. The North is still very soft on the lack of activity.
Tanker Market Commentary
Dec. 17, 2014
Clean East | The marketing is becoming increasingly quiet as the holiday season approaches. Owners are looking for cargoe that will keep them busy through the season. The Southeast market is a bit more busy with promptish fixing, but the list is long for end December onwards. The North is still very quiet and rates should start to fall.
Lloyd's List Names McQuilling Partners #5 on Top 10 Brokers List
Dec. 15, 2014
In its fifth edition of the "Top 100 Most Influential People in the Shipping Industry," Lloyd's List named McQuilling Partners President and CEO, John Schmidt, number five on the Top 10 Brokers List.
Tanker Market Commentary
Dec. 12, 2014
Clean East | The market in the AG has ended on a soft note as the recent pre-holiday activity has done little to hold the market. It will likely be quiet until the end of December. The North and South are also soft as well.
Tanker Market Commentary
Dec. 11, 2014
Clean East | The undertone of the AG market continues to be soft, but there is some activity being seen. The list in this region though, is still long. The South market is also under pressure due to a long list and rates are fixing lower than last done. The North is still stable, but sentiment is skewed more toward the soft side.
Tanker Market Commentary
Dec. 8, 2014
Clean East | The AG market is more active as we start the week, but the tonnage list is long, so sentiment is soft. MRs are looking stable in the region. The Southeast tonnage list is also still long and rates are softening here as well. Seeing much of the same in the North.
Tanker Market Commentary
Dec. 4, 2014
Clean East | AG market is still quiet on the big ships and lower rates are being seen on the LR1s. MRs are still active in that region and rates are holding steady. The Southeast segment is getting softer due to a longer tonnage list. The Far East market is still active and holding steady.
Tanker Market Commentary
Dec. 2, 2014
Clean East | The AG market is continuing to lose steam and with limited activity, rates are softening. With a long tonnage list in the Southeast, that market is also softening. The Far East is still active, but with a balance tonnage list, we may not see rates go any higher.
Tanker Market Commentary
Nov. 26, 2014
Clean East | The LR2s are still showing signs of weakness due to slow activity and hearing 75,000 x WS 107.5 was done AG/Japan. On the LR1s, hearing a Red Sea/Japan fixture is on subs at 55,000 x WS 115. MRs in the region are holding stable. The Southeast is holding stable, but rates may start to soften. The North is still tight and owners are trying to achieve higher rates.
Tanker Market Commentary
Nov. 25, 2014
Clean East | It looks like the AG segment is finding some ground as rates hold steady on the LRs. Owners' sentiment is positive and positions are beginning to look shorter. The MRs in the Southeast and Far East are looking steady.
Tanker Market Commentary
Nov. 24, 2014
Clean East | The week has begun on a quiet note in the AG although there's still some activity in the region on the LRs and the owners are optimistic that the market has found a bottom. The MRs are holding steady in the AG, as well as the Southeast segment. The North is still active ahead of the winter season and we should see more activity until the end of December.
Tanker Market Commentary
Nov. 20, 2014
Clean East | LRs in the AG continue to be slow and rates should come down lower due to the lack of activity. The MRs are still holding well with healthy activity seen, especially in the Southeast region. Charterers are having a hard time finding ships for prompt loadings. The North is still busy and fixing for the first decade of December to mid-December.
Tanker Market Commentary
Nov. 18, 2014
Clean East | Although there's activity in the AG, rates continue to be soft. Charterers are looking to fix below the last done on LRs. The MRs in the region are also coming off the highs of last week. The list is getting longer into December in the Southeast segment, while the North is seeing cargo requirements in the first decade of December where the list is tight.
Tanker Market Commentary
Nov. 17, 2014
Clean East | The East of Suez market is off to a slow start without much noise of fresh inquiries or replacement requirements today. TC5 is being heard at WS 125 for a replacement of 55,000 tons of naphtha out of New Mangalore off end Nov. This is a strong reflection of the weakness in this segment when just last week owners were talking WS 130. TC1 has WS 112.5 on subs for Chrysanthemum loading 75,000 tons out of AG off early December. We will see how the rest of the week goes.
Tanker Market Commentary
Nov. 14, 2014
Clean East | The AG market continues to show signs of weakness on the LRs. Hearing 75,000 x WS 115 was done on an LR2 and sentiment is looking weak in the short term. On the flipside, MRs in the region are gaining momentum and sentiment is firm - this spilled over from the Southeast region as the list tightened. Hearing US $185,000 done for a cross-Spore harbor voyage. The North continues to be firm and the list is also getting tight here.
Tanker Market Commentary
Nov. 11, 2014
Clean East | The AG market continues to be quiet. Heard a replacement job was done and the ship was fixed for prompt loading at 55,000 x WS 140. The Southeast side is still stable and the North continues to be activie and quite a number of vessels are on subs until the ned of November.
Tanker Market Commentary
Nov. 10, 2014
Clean East | The new week commenced on a quiet note in the AG. LR2s are still looking soft as little activity is being seen in that segment. The LR1s and MRs are looking stable, while the Southeast market looks quiet as well. Same can be said for the North.
McQuilling Asia's Nhaji Karma Re-Elected Vice Chairman of CTFI Panel
Nov. 7, 2014
We are pleased to announce that on November 15, 2014 in Shanghai, China, Mr. Nhaji Karma was re-elected Vice Chairman of the China Import Crude Oil Tanker Freight Index (CTFI) Panel. During the event, Mr. Kharma presented to the panel the "The Influence of International Oil Price Fluctuation on the Tanker Transportation Market."
Pictures from this event can be viewed in our photo gallery
Tanker Market Commentary
Nov. 6, 2014
Clean East | The East of Suez continues to be stable, with more of the action seen on the LR1s and MRs, the LR2s look to be coming off as less activity is being seen for this size. The Southeast market continues to be stable and the North is very active at the moment with a lot of fresh cargoes being seen until the end of November.
November Tanker Market Update: Asset Markets
Nov. 6, 2014
The first 10 months of 2014 has seen the majority of tankers increase in value on the back of higher earnings. Notable appreciation for newbuilding values has been witnessed in Suezmaxes and LR2 tankers which have risen by 13% and 16% respectively. However, LR1 tankers have seen the biggest increase since the beginning of the year, rising 27%. The lone tanker which has seen newbuilding values decline is the MR2 which has fallen by 4%.
The analysis appears to indicate a unique disconnect between MR2 tankers and the rest of the vessels analyzed. In anticipation of increased tanker demand, a ...
Tanker Market Commentary
Nov. 5, 2014
Clean East | The east of Suez continues ride on firm sentiment especially on the LR1s. The LR2s are looking to soften a little in the near term as more cargoes are being done on the LR1s and the MRs. The Southeast is slowly firming up on bullish AG sentiment. The North looks more active as there are more cargoes seen coming out in the middle of November, tonnage looks balanced for now, but may get tight in days to come.
Tanker Market Commentary
Nov. 4, 2014
Clean East | The East of Suez market is still firm, especially for the LRs, due to North Asia's current strong appetite for naphtha. The MRs are also enjoying firm sentiment as the high demand for short voyages in the AG as well as imports into Africa are keeping rates firm. The South is also firming due to the sentiment in the AG. The North remains stable.
Tanker Market Commentary
Nov. 3, 2014
Clean East | The week has commenced with bullish sentiment on the LRs, even with the Japanese on holiday. Owners are still expecting the market to climb. MRs still lagging behind with only a few fixtures reported at the same flat levels from the previous week.
Tanker Market Commentary
Oct. 31, 2014
Clean East | The week has ended on a bullish note, but there are still uncovered cargoes, mostly for LR sized ships. It will be interesting to see what new limits owners can achieve. MRs are fairly stable on most sectors.
Tanker Market Commentary
Oct. 29, 2014
Clean East | Sentiment in the AG market is still firm. Quite a number of MR stems have been seen heading to Africa. The LRs are still holding steady as well. Singapore is stable and the North is getting tighter for the first half of November.
Tanker Market Commentary
Oct. 28, 2014
Clean East | The AG market seems to be stable and LR1s are on the quiet side. The MRs are making a good run and heard high US $300,000 level was done for a cross-AG voyage. The Southeast is tightening as some MRs have decided to ballast to the AG to look for employement - an expected move by some owners as this looks to be a better paying sector. The North is stable and positions are balanced for today.
Chart of the Week - Tanker Tonnage Supply
Oct. 28, 2014
It’s no secret the oil tanker market has been struggling with an oversupply issue over the past few years. The unbalanced supply/demand situation has led to an ongoing weak earnings environment for most owners and the industry has even seen some of the world’s most prominent tanker companies file for Chapter 11 Bankruptcy. Amid the chaos, market participants like John Fredriksen of Frontline, took to the media in 2013 to urge fellow owners to scrap vessels older than 15-years of age.
Since this call to action more than a year ago, what adjustments have been made to ...
Tanker Market Commentary
Oct. 27, 2014
Clean East | The AG market commenced on a firm note, especially for the LRs. Heard there are more LR cargoes coming out in November and rates are expected to trade even higher. The Southeast Asia region looks to be stable with prompt activity. There's some activity in the North and the supply/demand situation is balanced.
Tanker Market Commentary
Oct. 24, 2014
Clean East | The AG market is holding firm and the list for LR2s is tight. MRs are starting to pick up; however, the South is still relatively stable albeit on the softer side. The North looks quiet, but charterers are fixing quietly as we can see ships coming off the list.
Tanker Market Commentary
Oct. 23, 2014
Clean East | The AG market continues to be firm and positions for all sizes are tight. Hearing TC5 on subs at WS 130 for a promptish laycan. Also hearing TC1 done at WS 115. LR owners are very bullish at the moment. The Southeast market is also tight and the North is looking stable.
Tanker Market Commentary
Oct. 21, 2014
Clean East | The AG market continues to be firm, but rates are remaining steady. No change in the Singapore market and the North is still balanced.
Tanker Market Commentary
Oct. 20, 2014
Clean East | The AG market held firm over the weekend and higher rates for the LRs have not yet been seen. The Southeast is holding stable with promptish fixing; however, the list is a bit long. The North is stable, but seeing more ships becoming available for end-October dates.
Maritime Matrix Today: Seaways Brings McQuilling to India
Oct. 20, 2014
To read more about the Seaways McQuilling joint venture - read our press release
Tanker Market Commentary
Oct. 17, 2014
Clean East | The AG market ends the week on a strong note with firm numbers seen on the LRs. Heard an LR2 was fixed at 75,000 x WS 111 for AG/Japan. There are quite a number of MRs on subjects for short hauls. The Southeast is starting to get tight on promptish dates, but there are still ships available for later dates. The North seems quiet, but at the same time, stable and balanced.
The Art of Valuation: In the Mood for Crude
Oct. 16, 2014
In the first part of our two part series on asset forecasting, Regression Discretion, we discussed how regression analysis may be helpful in predicting tanker values.
In our most recent industry note, we present another valuation methodology commonly referred to as discounted cash flow (DCF). This methodology uses a discount rate (cost of capital) to determine the present value of future cash flows. The future cash flows are calculated on an unlevered basis using EBITDA due to its capital structure neutrality.
Our methodology assumes a hold-to-maturity approach (sold for recycling) which increases our final cash flow by the historical, long-term ...
Crude and Product Tanker Orderbook
Oct. 16, 2014
Our proprietary data shows that tanker newbuilding orders through the third quarter of 2014 are down 32% when compared to the same period last year. We can attribute this slowdown to the lack of orders placed in the LR2 and MR2 segments. As displayed in the figure below, roughly 137 orders were placed for MR2 (IMO III) tankers and 42 LR2 product tankers through September 2013. The continuation of the weak earnings environment for clean tankers this year has likely dampened the enthusiasm exhibited in 2013 when LR2 and MR2 tankers dominated newbuilding orders.
It’s interesting to note the ...
Tanker Market Commentary
Oct. 15, 2014
Clean East | The AG market is firming up on a tight tonnage list - especially on the LR2s. The Singapore market is stable, but more ships continue to be added to the list. In the North, the MRs are also stable, but LR1s are tight.
Tanker Market Commentary
Oct. 14, 2014
Clean East | No change in the AG region today; Southeast market is softer due to a longer position list. The North looks balanced, although there has been a slight rush for replacements due to the Typhoon Vongfong. End October looks quiet.
Ebola and Shipping: Update
Oct. 14, 2014
Details surrounding Europe's response to the current Ebola epidemic were discussed in a recent article by Maritime Reporter. Countries such as Spain, the Netherlands, France and the United Kingdom have all ramped up their precautionary measures for all ships scheduled to enter their ports. "All vessels must now submit their Health Maritime Declaration prior to arrival," is one of the examples cited for three of the four countries listed above. Further information can be read on marinelink.com
Tanker Market Commentary
Oct. 13, 2014
Clean East | A slow start of the week softened Friday's bullish sentiments a little, for both LRs and MRs in the AG / WCI and South market. The North market has some delays caused by the Typhoon Vongfong.
Tanker Market Commentary
Oct. 10, 2014
Clean East | The week is ending on a firm note with LR1s leading the way. High fixture prices of LR1s are reported on all segments, TC5 55,000 x WS117.5, East Africa 60,000 x WS132.5 and US $2 million to the UK Continent. MRs following closely with the ex-AGs being more active. A lack of cargoes for LR2s have put the larger tankers in catch-up mode. Far East shows firmness as several cargoes are being quoted.
Tanker Market Commentary
Oct. 9, 2014
Clean East | The East of Suez CPP market has more activities, particularly LR1s out of AG-WCI.
Tanker Market Commentary
Oct. 8, 2014
Clean East | The AG market is a little bit more active on the LR1s after the holidays and owners are showing positive sentiments. The Southeast market is still weak due to a longer position list. The North market remains stable withcargoes partially offset ample tonnage available after the middle of October.
Tanker Market Commentary
Oct. 7, 2014
Clean East | The AG Market starts on a quiet note as Saudi Arabia is still on holiday. The Southeast market is getting softer as the list is getting longer. The North market remains stable at the moment.
Tanker Market Commentary
Oct. 3, 2014
Clean East | The East of Suez ends on a quiet note and the AG side is muted due to Muslim holidays. Southeast market is also coming off due to APPEC. The North is unchanged on the back of limited inquiry because of Chinese holidays.
Tanker Market Commentary
Oct. 2, 2014
Clean East | The market is still quiet and will be quieter for the week in the AG region with few fixtures done due to APPEC and Muslim holidays. It's the same in the Southeast market as well. Although there's some life in the North, rates have not moved higher.
Tanker Market Commentary
Oct. 1, 2014
Clean East | Market activity is generally slower in both the AG and WCI with APPEC in town. The South should start to soften because of the long list. The North seems more active with cargoes entering the market and ships being fixed away.
Tanker Market Commentary
Sept. 30, 2014
Clean East | The AG market has remained muted due to APPEC. The list in the South looks a bit longer and may start to soften; however, it is getting busier in the North as ships are slowly fixed. A few cargoes are seen coming out in middle of Oct.
Tanker Market Commentary
Sept. 29, 2014
Clean East | Market starts the week on a quiet note amidst the commencment of the yearly APPEC. LR2s are holding stable but the LR1s and the MRs in the Arabian Gulf region are looking softer for this week. The southeast region still looks firm as some promptish cargoes were seen done at higher rates due to a very tight prompt list. The north was seen soft due to ample tonnage, however there were some activity seen in the first decade of October which held the north steady. The coming Muslim holidays, Chinese golden week, and Japanese holidays would probably keep ...
Tanker Market Commentary
Sept. 26, 2014
Clean East | The week has ended on a stable note East of the Suez - not much change on the LR2s. LR1s are losing some more traction and the MRs are looking softer. The market in the South is still holding firm with owners opening Australia preferring to ballast to Singapore instead of the weaker North market.
Tanker Market Commentary
Sept. 25, 2014
Clean East | The LR2s in the AG segment remain stable; however, LR1s and MRs are being seen as the weaker segments on the back of minimal activity. The Southeast market continues to be firm, while the North i still coming off due to an ample amount of tonnage. Some are saying the typhoon situation in the North could create some positivity for owners; however, there are eenoiugh ships to go around.
Tanker Market Commentary
Sept. 22, 2014
Clean East | LR2s are holding well on a tight tonnage list - hearing fixtures being done around WS 105-110 on TC1. Sentiment on the LR1s is softening as the list gets longer. MRs are still stable.
Tanker Market Commentary
Sept. 19, 2014
Clean East | The Arabian Gulf remained stable this week. LR2s are holding firm and the LR1s are on the soft side. MRs are still active. The South is still very firm with a tight list until early October. The North is stable - LRs are being fixed but MRs are still quiet.
Take Caution: Ebola Overview
Sept. 18, 2014
In what’s being described as the largest and deadliest outbreak in history to hit West Africa, the current Ebola epidemic has claimed the lives of roughly 2,400 people as of mid-September, according to estimates from the World Health Organization (WHO). With the first known human case reported in Guinea, the virus has since spread to Liberia, Nigeria and Sierra Leone (Figure 1).
Figure 1: Ebola Outbreak Distribution Map*
Source: Centers for Disease Control and Prevention (CDC)
*as of September 6, 2014
There are also a few known cases reported in Senegal; however, one of them, a 21-year old ...
Ebola & Shipping: Update
Sept. 18, 2014
The 2013-built Bulk Carrier Western Copenhagen has reportedly been barred from entering Malta's harbors, according to recent reports. The vessel, while en-route from Guinea to Ukraine, had sought medical assistance from Maltese port authorities for one of its crew members that seemed to be suffering from Ebola-related symptoms. Patrol boats were sent to ensure the vessel did not enter Maltese waters, according to BBC News.
The vessel has since traveled to Sicily, Italy where the Filipino crew member was offloaded and given antibiotics. It's still unknown if the crew member is actually infected with Ebola.
Clean East | An LR2 is on subs at WS 105 for TC1 and under tremendous pressure to trade lower. TC5 will face some resistance when trying to climb higher as most end-month stems are already covered. The MR market for AG/Spore off promptish dates is rather tight, while the North market is definitely falling.
Tanker Market Commentary
Sept. 16, 2014
Clean East | LR2s are continuing on a downward trend due to a lack of activity. Meanwhile. LR1s are holding firm against a tight tonnage list. With enough activity to keep the MRs busy - they've been experiencing a steady trend. The Southeast region is very firm and some charterers are unable to find ships for their cargoes. The North is getting weaker and it's becoming quiet there.
Regression Discretion
Sept. 16, 2014
Regression analysis is a helpful tool which may be used to predict a continuous dependent variable (ex: asset values) from one or more independent variables. In our analysis, we use regression models as one component in our asset forecasting process in addition to an income based valuation and input from our sale and purchase desk. When conducting regression analysis, the objective is to identify a strong correlation between a dependent and independent variable using historical data. Using a scale of 0.0 – 1.0, a strong, positive correlation is typically defined as being above 0.7. If the analysis indicates ...
Tanker Market Commentary
Sept. 15, 2014
Clean East | The clean petroleum tanker market seems to have simmered down as we start the week. The activity for LR1s seems to be focused on end September dates. Is this a sign of a pre-APPEC rush to cover positions? We will see.
LR2s remained stable with some weakness due to a lack of activity. MRs in Singapore are well employed and we're not seeing the same spikes as we do on TC5. The market in the North is also seeing positions get longer. We will know in the coming days how the market evolved.
Tanker Market Commentary
Sept. 11, 2014
Clean East | The LR2s are holding well amid firm sentiment on the LR1s and MRs. As of early this week, about 10-15 LR1 cargoes were seen in the market until the end of September. Charterers are rushing to fix and owners are asking for WS 125 on TC5. The Southeast region is still stable and the North looks softer at the moment as less activity is seen.
Tanker Market Commentary
Sept. 10, 2014
Clean East | Sentiment continues to be weak for LR2s; however, LR1s are hanging on to firmer sentiment and heard 55,000 x WS 120 for done AG/Japan. MRs are also firm and there are quiet a number of ships on subs until the end of September. Overall activity will probably help the LR2s hold ground. The Southeast market is holding stable with ample activity. The North looks to be losing further ground with a longer tonnage list for MRs to LR2s.
Tanker Market Commentary
Sept. 9, 2014
Clean East | LR2s are holding stable although it seems they list may be getting longer later on in September. LR1s are tight and sentiment is firming, which will probably steady the AG market. MRs are still busy and the Africa voyages seem to be preferred over the TC12 run. The Southeast market is still stable and the north looks a little soft on more available LR tonnage.
Tanker Market Commentary
Sept. 8, 2014
Clean East | The AG region is holding steady on the back of positive sentiment. MRs are the busier segments and will likely help support the general AG market. The Southeast region is also busy on the MRs with a flurry of activity seen ex-Thailand and ex-Singapore (quite a number of ships are on subjects). The North is looking soft as there are more LRs seen in the region and they will compete with the MRs for backhaul cargoes.
McQuilling Partners Group Announces Cooperation Agreement with Vale, S.A. in Support of Ship Repair Initiative in ParaÃba, Brazil
Sept. 8, 2014
New York/Rio de Janeiro – 8 September, 2014 – Following our announcement on 2 September, 2014 regarding cooperation with Syndarma, the McQuilling Partners Group is pleased to announce the signing of a cooperation agreement with Vale, S.A, one of the largest mining companies in the world with substantial involvement and expertise in global marine transportation logistics.
The cooperation will support the implementation of the largest ship repair facility in South America. The project, called Brasil Basin Drydock Company (BBDC), has the objective to build a ship repair yard in the northeast of Brazil capable of drydocking any vessel in the ...
Tanker Market Commentary
Sept. 3, 2014
Clean East | LR2s continue to hold steady. LR1s are still showing signs of weakness, but may receive a boost from the LR2s. The MRs in the AG region look stable as well. The Southeast market is unchanged and the North looks soft with quite a number of ships in the first half of September. Some cargoes are being uncovered for the second half of September.
McQuilling Partners Group Announces Signing of Cooperation Agreement with Syndarma
Sept. 2, 2014
McQuilling Partners Group Announces Cooperation Agreement with Union of Brazilian Ship Owners Syndarma (Sindicato Nacional das Empresas de Navegação Marítima) in Support of Ship Repair Initiative in Paraíba, Brazil
New York/Rio de Janeiro – 2 September, 2014 – The McQuilling Partners Group is pleased to announce the signing of a cooperation agreement with Syndarma, the Union of Brazilian Shipowners, in support the implementation of the largest ship repair facility in South America.
The project, called Brasil Basin Drydock Company (BBDC), has the objective to build a ship repair yard in the northeast of Brazil capable of drydocking any ...
Tanker Market Commentary
Aug. 26, 2014
Clean East | Tonnage is still tight for the moment which may contribute to some strength. The LR1s look stable and the MRs remain firm. Southeast side is holding steady on the activity in the AG. North looks quiet even though some cargoes are seen for the first decade of September. The list looks longer here so we may start to see rates come off.
1H 2014 Tanker Market Recap and Outlook
Aug. 26, 2014
In the first half of 2014, we saw an increase in VLCC fixture activity, driven mainly by demand from the Far East. Supporting this, our proprietary data showed that liftings out of the Arabian Gulf to the Far East increased by about 10% year-on-year and 16% from West Africa to the Far East. We've also seen a rise of about 6% in Caribbean sourced volumes transported to the Far East on VLCCs.
So, what kind of impact did this activity have on spot rates? Through July, AG/East VLCC spot rates averaged WS 46 (TCE US $19,500/day ...
Tanker Market Commentary
Aug. 25, 2014
Clean East | LR2s look firm as we saw some ships fixed at the end fo last week. Tonnage is still tight for the moment which may contribute to some strength. The LR1s look stable and MRs are remaining firm. Southeast side is holding steady on activity in the AG. North looks quiet eventhough some cargoes are seen for the first decade of September. The list looks longer and we may start to see rates come off.
Tanker Market Commentary
Aug. 22, 2014
Clean East | The week ends on a bullish note as tonnage remains tight across all segments. Several mid-Sep LR2 cargoes out in the market. 75,000 x WS 115 does not seem to be available for fixing anymore. Might be interesting to se how the market pans out next week since it doesn't make sense currently to split LR cargoes as MRs are catchign up at 35,000 x WS 125 levels.
Tanker Market Commentary
Aug. 18, 2014
Clean East | The AG market continues on it's firm trend as the week begins, but most of the activity is now focused on the MRs. Rates for these ships are trending higher due to the tight positions until the end of August. Southeast Asia is also strengthening on the constant activity in the AG. The North looks quiet at the moment with only a few cargoes seen for early September; however, we believe charterers are holding back on showing cargoes to the market.
Tanker Market Commentary
Aug. 14, 2014
Clean East | The AG market continues to be firm on a tight tonnge list. The LR2 market is still stable as well as the LR1. The MRs are firming up due to the LR2 parcels being broken up into MR sizes. A number of ships are on subs and it's not easy to find a ship until end August. The Southeaast market has quite a number of prompt ships and is staying stable. The North is still tight, but seems to be taking a brakers as most of the cargeos in August are covered.
Tanker Market Commentary
Aug. 12, 2014
Clean East | The LR2s positions in the AG are still tight and sentiment is poised to firm on the bullish LR1s. Hearing a fixure on subjects for WCI/Singapore at 60,000 x WS 140. MRs are also moving high on bullishness - hearing 35,000 x WS 175 on subs for AG/SAFR - an increase of 15 WS points over last done. Southeast is still quiet for today and meanwhile in the North, it is still firm. There are some end month cargoes still uncovered and hearing some replacemetns done due to inclement weather in the North. The tonnage list ...
Tanker Market Commentary
Aug. 11, 2014
Clean East | LR2s are holding stable and hear a ship is on subjects for WS 115 on TC1. LR1s are still on a strong run with cargoes seen until early September and hearing some fixtures on subs at around WS 120-125 levels on TC5. MRs are stable due to the LR1s, but upside is limited due to ample tonnage. Southeast is still a bit quiet today and meanwhile, in the North, it is still firm. There are some end month cargoes still uncovered, but the tonnage list is very short.
McQuilling Services Releases Mid-Year Tanker Market Outlook Update
Aug. 11, 2014
New York – 11 August 2014 – In an update to its annual five-year Tanker Market Outlook, McQuilling Services recently published its Mid-Year Tanker Market Outlook update.
The 50+ page report provides an outlook for monthly tanker freight rates and TCE revenues for 13 major tankers on eight vessel segments for the second half of the year and the remaining four years of the forecast period. The report also provides an overview of shipping finance markets and how the various tanker classes have performed in the first half of 2014 compared to McQuilling Services’ expectations.
Some key findings from the report include ...
Tanker Market Commentary
Aug. 8, 2014
Clean East | The Arabian Gulf market ended on a high note. LR2s are holding steady despite the lack of cargoes. LR1s are continuing the bullish run and more cargoes are being seen until early September. Therefore, we could see rates begin to fix higher. The MRs are slowly bucking the trend. Singapore remains the same with soft sentiments on the MRs. The North is getting tighter and sentiment is bullish for loadings until the end of August.
Morning Market Commentary
Aug. 7, 2014
Clean East | LR2s are still firm on tight tonnage; however, no fresh cargoes are being seen. LR1s are on a bullish run with cargoes until the end of August. Hearing some fixtures are being doine around WS 120-125 on TC5. MRs are finding strength on the LRs and we may see some fixtures fixed higher than last done. Singapore region is still a bit quiet with ample tonnage. Meanwhile in the North, it is getting hot and we can see more than 10 uncovered MR cargoes until the end of August. Charterers are rushing to fix their cargoes.
Morning Market Commentary
Aug. 6, 2014
Clean East | LR2s are still holding steady despite the fact that there have been no fresh fixtures/cargoes. The LR1s are on a bullish run due to the amount of cargoes available until the end of August. Eventhough the list is list, MR owners are starting to get excited about the strength of the LR1s and some are saying the LR1 cargoes may be split on to two MRs instead.
The Singapore region is still a bit quiet with ample tonnage. Meanwhile in the north, it is getting hot and we can see more than 10 uncoverered MR cargoes until ...
Morning Market Commentary
Aug. 5, 2014
Clean East | The LR2s are holding stable as the tonnage list is tight; however, no fresh cargoes seen in the market currently. The bulk of the action is still on the LR1s with activity seen for promptish loadings. MRs are also picking up, but because the list is long, there's no room to move rates up. Singapore is also becoming soft as limited activity is being met with adequate supply. The north is still active on a tight list until end of August.
Morning Market Commentary
Aug. 4, 2014
Clean East | AG market is still firm on the LRs, but some are saying that the market may come off in the weeks to come. LR2 stems were also seen being split and fixed on MRs as the MR list is quite long in the AG region. The southeast market tonnage list looks long, but the north continues to be tight and more cargoes are seen coming out for end month loadings.
Morning Market Commentary
July 30, 2014
Clean East | The AG market is still holding firm, but LRs may start to falter in the shorter term as we can see more ships are projected back in the AG. The Singapore tonnage list still looks long and the North market is currently tight and we will see rates firm up higher until the end of August.
Morning Market Commentary
July 25, 2014
Clean East | With an increase in naphtha cargoes to the East - LRs have managed to maintain stronger levels and owners' sentiment is very bullish for the coming week. LR2s have found ground on TC1 at WS 115, while LR1s on TC5 fixed at the WS 115-118 levels. The spread is thin between the two classes and some are saying there will still be room for the LR1s to achieve even higher rates.
MRs on TC12 are also gaining a little ground as some charterers may decide to break up the parcel load on two MRs instead. The Singapore region is ...
Morning Market Commentary
July 24, 2014
Clean East | LR2s are continuing their strong run and rumors of WS 115 (TC1) are circulating although no firm details yet. The Singapore region is still fairly sable; however, the north is very tight for the second decade of August.
Morning Market Commentary
July 22, 2014
Clean East | LR2s are still firm on the back of a tight tonnage list. Hearing some charterers may be planning to split LR2 cargoes. LR1s are also firming due to the stronger LR2 market, but the upside is limited. The MRs in the AG region are beginning to look better with more activity and cross-AG cargoes are calling around the mid-US $200,000 levels. The Southeast region remains weak and the list is getting even longer. The North continues to be stable and we may see some firming as the list tightens.
Morning Market Commentary
July 21, 2014
Clean East | Firm sentiment on the LR2s is holding steady due to a tight tonnage list. Owners are trying their best to test the WS 100 levels for TC1, which could probably be achieved. LR1s are jumping on the bandwagon and over the weekend WS 105 for TC5 was heard on subjects for 1-5 Aug loading.
The MRs in the AG region look stable with the help of the LRs. Meanwhile, the Southeast region looks weaker as the list is getting longer. The north continues to be stable with ample tonnage.
Morning Market Commentary
July 17, 2014
Clean East | Although the LR2 market has spiked to 75,000 x WS 96.5, the LR1s are still soft and more activity will be needed to correct the present situation. Sentiment on the MRs is generally still weak, but hopefully the positivity on the LR2s will spill over.
Morning Market Commentary
July 16, 2014
Clean East | LR2s experiencing an upward thrust for early August dates with reports of 75,000 x WS 96.5 on subs - up almost 10 WS points. Will be interesting to see if this can help the other markets, which are currently depressed.
Morning Market Commentary
July 15, 2014
Clean East | The LR1 and MR markets are still soft with little fresh activity. Heard 55,000 x WS 96-97.5 has been done a number of times. However, a bit more positive for LR2s as a number of vessels are being fixed and keeping the market firm. Let's see what midweek brings us.
Morning Market Commentary
July 9, 2014
Clean East | MR sentiment is still soft in the AG. Minimal activity in West Coast India and Singapore. On the LRs, a ship has been reported to have been fixed below the WS 80 level for an LR2 (AG/Japan), indicationg a softening of the LR2 market and further downward pressure on the LR1s.
Morning Market Commentary
July 8, 2014
Clean East | LR2s are holding steady around the WS 80 region, while LR1s are still facing weak sentiment. The MR list is still long and a few cross-AG voyages have been done in the low US $200,000 levels. Singapore continues to remain soften with the lengthening positions and more prompt MRs seen. The North is looking to remain stable and some replacement voyages are expected to be seen due to typhoon No. 08 affecting the Japan to Korea regions.
Morning Market Commentary
July 3, 2014
Clean East | LR2s in the AG region are looking stable at the moment as there are new fixtures seen for TC1 at WS 80 and owners are trying for higher. LR1s are still quiet and heard WS 97 done by Shell on TC5. MRs continue to be weak and the positions are getting
longer. In the Straits region, the MRs are looking stable but on the weak side. North is still looking okay and rates are softening.
Morning Market Commentary
July 2, 2014
Clean East | Two additional LR2 fixtures and heard WS 80 for TC1 was done for mid-July loading. Outlook for LR1s is still weak due to a lack of activity and MR list is still too long. No changes in Singapore or the North.
Morning Market Commentary
July 1, 2014
Clean East | Although there were more LR2 cargoes in the market, the numbers that were heard on subjects wasn't very exciting. No change on LR1 or MR activity in the region and positions are still long. The Southeast market is still weak and the North market looks softer with some fixtures seen below last done.
Morning Market Commentary
June 30, 2014
Clean East | Positions look tighter on the LR2s, which means we have seen the bottom for this class. Activity on the LR1s is still muted and tonnage is ample. No changes on the MRs in the AG region. Tonnage is still long and sentiment is weak. In the Straits region, sentiment is also become weaker due to the lack of activity in Singapore. North is the only sector which is stable for the moment.
Morning Market Commentary
June 26, 2014
Clean East | East of Suez continues to be soft especially in the AG region. Not much change since yesterday. Singapore side is also slow on activity. North region is picking up again with cargoes heard coming out for middle of July.
Morning Market Commentary
June 25, 2014
Clean East | East of Suez continues to be soft. Rumors that 75,000 x WS 78 is on subs AG/Japan - the first known fixture to have broken the WS 80 mark. LR1s remain quiet and it will make more economic sense to fix on the LR2s. MRs in the AG are also soft with ample tonnage.
Much has been said about the product tanker market, mainly about tonnage supply. More industry voices are speaking about their concern of over-ordering and too many ships. However, the number of vessels on order and planned for delievery is really only half of the story. As long as there is enough demand, any number of ships on order may be acceptable. Concern about oversupply only occurs when there are too many ships relative to demand.
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Morning Market Commentary
June 23, 2014
Clean East | The East of Suez market has started on a weak note for LR2s. It's rumored a ship was taken at WS 77.5 on the TC1 route. LR1s may continue their soft trend due to a long tonnage list. MRs are also seeing a long list and rates are under pressure for this tanker class as well. The Southeast market seems to be softening as well due to weak sentiment in the AG.
Morning Tanker Market Commentary
June 20, 2014
Clean East | Sentiment in the AG market is still weak as we continue to see low rates. MRs are rumored to be doing around US $200,000 for cross-AG runs and rates will likely trend lower in the coming week due to the long list of ships.
Morning Tanker Market Commentary
June 19, 2014
Clean East | The AG region continues to be depressed due to a long tonnage list. Sentiment is weak and there are quite a number of prompt MRs in the AG region. Singapore looks stable, but might be affected by the weak AG market. The North is still busy and we are hearing one or two cargoes are still uncovered for early-July loadnig basis South Korea.
Scrapping to the Exit
June 18, 2014
Over the past few years we have seen a significant divergence in the historical correlation of VLCC scrap prices and daily hire earnings, which prompted us to take a closer look at what might be causing the differential. We believe that one explanation can be found on the demand side of the equation, specifically the increase in US Shale oil production. Using a regression analysis, we looked to quantify the relationship of the level of US crude oil imports and VLCC earnings and found a strong correlation which indicated a positive relationship between the two variables.
To read more about ...
Morning Tanker Market Commentary
June 18, 2014
Clean East | The AG region continues to be weak on all sizes, the tonnage list is long especially on the MRs. There are cargoes around but not enough to support the long list of vessels. Singapore and the Far East continues to be stable.
Morning Tanker Market Commentary
June 16, 2014
VLCC | Requirements for July dates are appearing in the AG, as the number of June liftings have barely exceeded 100 fixtures. There are a few requirements in the Atlantic Basin, as West Africa looks to relatively busy in the VLCC sector.
Morning Tanker Market Commentary
June 13, 2014
VLCC | The market seems to be taking a rest this Friday after a recent rate rise. There are a few early July cargoes that are being talked about in the AG. In the West, it is relatively quiet as well.
Morning Tanker Market Commentary
June 12, 2014
VLCC | The AG market has gone a little quiet as charterers ponder next moves against rising rates. West Africa is the active alternative with several cargoes showing.
Morning Tanker Market Commentary
June 11, 2014
VLCC | Worldscale levels appear to have steadied in the AG and West Africa, after an early-week surge. Owners will be looking to regain momentum, but the requirements list is thinning.
Morning Tanker Market Commentary
June 10, 2014
VLCC | Rates are firming in the AG as the position list tightens and some owners look at ballasting toward West Africa for East-bound cargoes. The price gap between Brent and WTI is at its narrowest in months which may open the arb for UKC to East liftings.
Morning Tanker Market Commentary
June 9, 2014
VLCC | Worldscale levels for eastbound trades from both the AG and West Africa are firming as the position list tightens, westbound routes have been slower to react.
Morning Tanker Market Commentary
June 6, 2014
VLCC | WTI prices dipped yesterday as U.S. crude and gasoline stockpiles increased, Brent also fell ahead of a European Central Bank meeting.
Morning Tanker Market Commentary
June 5, 2014
VLCC | We are seeing an active start to the third decade of June, and owners are hoping to finally see rates move higher. Additionally, some charterers are showing their early July stems from West Africa which is attracting ballast candidates. The UK and USG are still inactive.
Morning Tanker Market Commentary
June 4, 2014
VLCC | There is plenty of fresh enquiry in the AG, but rates will not likely improve as too many ships are in position. In the West, we have only seen activity in West Africa, which is not enough to sustain current rates in the longer term.
Morning Tanker Market Commentary
June 3, 2014
VLCC | Worldscale levels reamain steady within the Market. Asian Charterers have been busy ahead of holidays in the Far East.
The McQuilling Partners Group Announces Establishment of Seaways McQuilling Private Ltd
June 2, 2014
New York – 2 June 2014 – McQuilling Partners, Inc. is pleased to announce that we have reached an agreement with Seaways Shipping and Logistics Limited (SSLL) resulting in the establishment of Seaways McQuilling Private Limited.
Through offices located in Mumbai and New Delhi, the core business of the company will be to provide tanker, dry bulk, chemical and offshore brokerage services, as well as research and logistics consultancy within India and its related markets.
McQuilling Partners and its companies delivers over forty years of international marine transportation services and consultancy experience to Seaways McQuilling Private Limited, while Seaways provides over two ...
Morning Tanker Market Commentary
June 2, 2014
VLCC | Rates remain steady in the AG at the moment, as there is little fresh enquiry in the market. West Africa/East rates have firmed slightly, while westbound tonnage is being taken by suezmaxes.
Morning Market Commentary
May 30, 2014
VLCC | At the end of the week the AG market remains down and out. Vessels that have to deliver for sale, or are ex-drydock, or under new ownership, or a newbuilding… always seem to be there to cover the cargoes. Activity was somewhat present this week, but rates declined because of vessels of circumstance.
Morning Market Commentary
May 29, 2014
Clean East | MRs in the AG region continues to be firm as TC12 is calling around W117 levels. We are seeing cross AG cargoes done at above US $300,000 levels and the positions are tight until the middle of June. LR1s are holding steady on a tight position list, while LR2s are a bit weaker.
Morning Market Commentary
May 28, 2014
VLCC | Inquiry continues to come to the market but rates have remained flat. Over the past two days we have seen 13 vessels fix in the AG, you would think activity would cause some resistance, but so far rates are flat.
Morning Market Commentary
May 27, 2014
VLCC | After a long weekend in the US and London, we come back this morning with six outstanding cargoes working in the AG market. Owners are asking themselves is this enough activity to push the market up off the bottom? Only time will tell, but so far June has been slow, so we might see some more activity to in the first half of June.
Morning Market Commentary
May 23, 2014
VLCC | The market is quiet today after a relatively busy week. The Atlantic Basin was especially active and rates have remained steady
Morning Tanker Market Commentary
May 22, 2014
VLCC | Rates are steady as more June requirements come into the market. There continues to be a backlog of tonnage that needs to be worked through before rates can rise and it is back to a basic question of oversupply.
Morning Tanker Market Commentary
May 21, 2014
VLCC | The market is maintaining lower levels, as charterers are trading June stems. With May trading done, January remains the only month that did not exceed 2013 fixtures.
Morning Tanker Market Commentary
May 20, 2014
VLCC | We have seen a slow start to June chartering in the AG, but some stems for the first 7 days are being worked. Rate levels are under some upward pressure as owners try to get TCE levels up to OPEX levels or higher.
Morning Tanker Market Commentary
May 19, 2014
VLCC | Worldscale levels ex-AG are at the lowest level of 2014 so far. There is little activity at the moment and charterers have been slow to enter the market.
Morning Tanker Market Commentary
May 16, 2014
VLCC | Rates have slipped below covering Operating Expenses despite an increase in the end of May cargo liftings. The overhang of tonnage into June will weigh on rates going forward.
Morning Tanker Market Commentary
May 15, 2014
VLCC | There is someone downward pressure in the AG as new requirements are opening in the region. The Atlantic basin has been quiet this week.
Morning Tanker Market Commentary
May 14, 2014
VLCC | Fresh enquiry has entered the AG market, as May loadings have exceeded 100 fixtures. West Africa remains flat, as most cargoes have been taken on suezmaxes.
Morning Tanker Market Commentary
May 13, 2014
VLCC | The market reamins quiet as there has been little fresh enquiry since last week. Rates remain steady, but downward pressure is to be expected as the position list grows.
Morning Tanker Market Commentary
May 12, 2014
VLCC | Rates in the AG remain steady despite a low volume month. In West Africa, rates are trading at the bottom of the current range with many cargoes being covered by tonnage coming from the West.
Morning Tanker Market Commentary
May 9, 2014
VLCC | The market is mostly quiet today, as some tonnage is being taken in the AG. TD3 rates continue to decline, while charterers have been unsuccessfully trying to break the w/s40 mark for TD15.
Morning Tanker Market Commentary
May 8, 2014
VLCC | Rates in West Africa have not changed significantly in a week, while the AG continues to weaken. This dynamic is likely due to an increase in Suezmax requirements in the Atlantic basin.
McQuilling Services Commercial Director, David Saginaw, Presents at Interanko
May 8, 2014
(New York – 8 May 2014) – McQuilling Services commercial director Mr. David Saginaw presented a tanker market outlook at the INTERTANKO Council Meeting on Wednesday, 7 May, 2014 prior to the start of the New York 2014 INTERTANKO General Session on Wednesday. This year’s INTERTANKO theme is: Sustainability – Moving the Story On.
Mr. Saginaw spoke for about 30 minutes to the council, comprised of leading international tanker owners and operators, on the main features of the tanker market today and implications for the future. The global economy appears to finally be on the road to a solid expansionary phase, driven ...
Morning Tanker Market Commentary
May 7, 2014
VLCC | Worldscale levels are weakening in the AG. Rates ex-West Africa remain steady, as the suezmax market is seeing some activity.
Morning Tanker Market Commentary
May 6, 2014
VLCC | There has been a slight uptick of activity in the AG, but TCE levels remain steady at the moment. The Atlantic Basin is not seeing much movement and little has been fixed recently.
Morning Tanker Market Commentary
May 5, 2014
VLCC | Hoildays have slowed the markets, and rates are under downward pressure in the short term. Reports say Brent crude has risen to a six day high as the crisis in Ukraine threatens to disrupt Europe's energy supplies.
Morning Tanker Market Commentary
May 2, 2014
VLCC | The market is quiet at the end of a slow week, and some charterers have covered requirements with their own tonnage.
Morning Tanker Market Commentary
May 1, 2014
VLCC | The market is quiet, partially due to the May Day Holiday celebrated in many parts of the world. Rates are moving sideways at the bottom of the recent fixing range.
Morning Tanker Market Commentary
April 30, 2014
VLCC | TCE levels in the AG and the Atlantic Basin remain steady, as new requirements are coming into the market.
Clean East | The East of the Suez market continues to be quiet as Golden Week holidays have commenced. LR1s are holding firm as they wait for more inquiries to enter the market. LR2s are looking a bit more sluggish and rates are under pressure. The Singapore region looks to be softening and the North market is holding firm.
Morning Tanker Market Commentary
April 29, 2014
VLCC | Rumors of fresh requirements in the AG are beginning to show, as little has been fixed recently. Worldscale levels remain steady in West Africa.
Morning Tanker Market Commentary
April 28, 2014
VLCC | The market remains mostly quiet as there is little enquiry in the AG or Atlantic Basin.
Morning Tanker Market Commentary
April 25, 2014
VLCC | Charterers have pushed owners below the ws40 mark for AG/East. With little fresh enquiry, owners rates will continue to be under pressure.
Morning Tanker Market Commentary
April 24, 2014
VLCC | Rates in West Africa and the West are steady, but under downward pressure as potential ballasters from other areas are coming to the Atlantic Basin. In the AG, there is a general slowness in activity which is also putting some downward pressure on rate levels.
Morning Tanker Market Commentary
April 23, 2014
VLCC | The AG market is mostly quiet, as there are only a handful of available cargoes. Worldscale levels in West Africa are remaining steady at the moment.
Morning Tanker Market Commentary
April 22, 2014
VLCC | The market is currently quiet as there is little enquiry in the AG as well as the Atlantic Basin. Many western companies are just returning from recent holidays.
Morning Tanker Market Commentary
April 21, 2014
VLCC | The market is relatively quiet as many Western offices are still off for the Easter holiday.
Morning Tanker Market Commentary
April 17, 2014
VLCC | Worldscale rates remain steady this morning, as the market is mostly quiet. Holidays in the West may keep activity at its current level until next week.
Morning Tanker Market Commentary
April 16, 2014
VLCC | Rates remain level and May dates have arrived in the AG. Some VLs are being taken ex-West Africa, as suezmax rates have been on the rise this week.
Morning Tanker Market Commentary
April 15, 2014
VLCC | Charterers are taking their time to push May dates in the AG, as worldscale levels have weakened slightly in the region. West Africa rates may improve as the Suezmax market is firming.
Morning Tanker Market Commentary
April 11, 2014
VLCC | The week is ending on a quiet note, and May stems are fast approaching in the AG. Owners will try to regain their early-week momentum and push the rates higher.
Morning Tanker Market Commentary
April 10, 2014
VLCC | The number of fixtures done ex-AG in April have exceeded their 2013 figures, as May stems will be arriving soon. TCE levels throughout the market remain steady at the moment.
Morning Tanker Market Commentary
April 9, 2014
VLCC | Worldscale levels are steady at the moment in the AG, but owners have opportunities for higher rates. Rates in the Atlantic Basin have firmed since yesterday.
McQuilling Announces Launch of EDPIshiprepair.com
April 9, 2014
The McQuilling Partners Group is pleased to announce the launch of EDPIshiprepair.com in support of the Brasil Basin Drydock Company (BBDC) project in Paraiba, Brazil. The new website provides in depth information regarding the ship repair yard location, facility and project team as well as a media center and contact information.
VLCC | The market is approaching 100 fixtures out of the AG for April, as end-month requirements are being taken. There is some upward pressure at the moment, but owners will have to work for it.
Morning Tanker Market Commentary
April 7, 2014
VLCC | Worldscale rates for eastbound voyages have been firming slowly since last week, and there are many requirements yet to be taken.
Morning Tanker Market Commentary
April 4, 2014
VLCC | It is an active day for a Friday as eastern charterers seem to be negotiating and fixing before the weekend. Rates are firming slightly in the AG and also in the West.
Morning Tanker Market Commentary
April 3, 2014
VLCC | There has been an uptick in activity this week, and it appears as if there is more business to be taken in the AG and the Atlantic Basin.
Morning Tanker Market Commentary
April 2, 2014
VLCC | Worldscale levels AG/East are firming slightly, as the rest of the market remains steady. There are also a number of available requirements in the Atlantic at the moment.
Morning Tanker Market Commentary
April 1, 2014
VLCC | AG/East continues to hold in the high WS 30s. Activity picked up slightly in the West and rates are flat
Morning Tanker Market Commentary
March 31, 2014
VLCC | While little activity has been reported since last week, there are ample rumors of open cargoes in the AG.
Activity in the Atlantic is performing at a slow pace.
Morning Tanker Market Commentary
March 27, 2014
VLCC | There has been little activity since yesterday as it seems April stems in the AG have mostly been covered. Rates in the Atlantic Basin have been slower to weaken than the AG.
Morning Tanker Market Commentary
March 26, 2014
VLCC | The pace of fixing has picked up, which means we could see the list tighten if the level of activity is maintained
Morning Tanker Market Commentary
March 25, 2014
VLCC | Despite consistent activity, the tonnage list between now and mid-April is keeping rates steady at the low end of the fixing range
Morning Tanker Market Commentary
March 24, 2014
VLCC | Several cargoes are working in both the AG and West Africa; however, because of the amount of current oversupply, we expect rates will continue to be under downward pressure in the coming week.
Morning Tanker Market Commentary
March 21, 2014
VLCC - Markets continue to be over-tonnaged and rates are weak in all sectors.
Morning Tanker Market Commentary
March 20, 2014
VLCC - The AG market is active, but still too many ships available for each requirement.
Morning Tanker Market Commentary
March 19, 2014
VLCC - Charterers are still slow to fix in the spot market for VLCCs and worlscale levels in the AG are weaker than
yesterday.
Morning Tanker Market Commentary
March 18, 2014
VLCC - Rates are steady from the AG for both East and West Destinations.
Morning Tanker Market Commentary
March 17, 2014
April stems from Saudi have been received by Charterers and it is just a question of when they will be
worked.
Morning Tanker Market Commentary
March 14, 2014
VLCC - April stems have arrived in the AG as rates level off.
Morning Tanker Market Commentary
March 12, 2014
VLCC - Rates seem to have stabilized as more cargoes come to the market in the last ten days of March.
Morning Tanker Market Commentary
March 11, 2014
VLCC - Charterers appear to be active in the AG today as roughly a dozen requierements are in the market.
McQuilling Morning Market Commentary
March 10, 2014
Charterers are still moving slowly in the AG, and those that are working are receiving a high number of offers. West Africa remains quiet at this time.
McQuilling Morning Commentary
March 10, 2014
VLCC - Charterers are still moving slowly in the AG, and those that are working are receiving a high number of
offers.
McQuilling Morning Commentary
March 7, 2014
VLCC - Several cargoes are listed as expected for loading in the fourth week in March, however few of them are
working yet.
McQuilling Morning Commentary
March 6, 2014
VLCC - Worldscale levels continue to weaken in the AG and West Africa.
McQuilling Morning Commentary
March 6, 2014
VLCC - The AG market has been busy this week, and March fixtures have exceeded 100 with a few more
requirements to be met.
McQuilling Morning Commentary
March 5, 2014
VLCC - While little fixing has been done in the AG, a number of requirements have been queuing and will likely fix
soon.
McQuilling Morning Commentary
March 4, 2014
VLCC - Activity in the AG has declined and rates are under pressure.
McQuilling Morning Commentary
March 3, 2014
VLCC - There has been little change in worldscale levels since late last week.
McQuilling Morning Commentary
Feb. 28, 2014
VLCC- Activity in the AG has been average this week, however rates have declined for fixtures with dates in the late 2nd Decade.
McQuilling Morning Commentary
Feb. 27, 2014
VLCC- West Africa rates continue to see some downward pressure, as the AG remains steady at the moment.
McQuilling Morning Commentary
Feb. 26, 2014
VLCC- Despite an increase in chartering activity in all geographic sectors, rates seem to be gradually declining.
McQuilling Morning Commentary
Feb. 25, 2014
VLCC- There has been some downward pressure end of last week, but rates remain steady at the moment.
McQuilling Morning Commentary
Feb. 24, 2014
VLCC- We have seen about 40 ships fixed in the Ag for March dates and owners are struggling to hold rates steady.
McQuilling Morning Commentary
Feb. 21, 2014
VLCC- The market is seeing a small push in activity at the end of a slow week.
McQuilling Morning Commentary
Feb. 20, 2014
VLCC- The substitution of Suezmax for VLCC has caused rates to stagnate in several market sectors.
McQuilling Morning Commentary
Feb. 19, 2014
VLCC- There are reports of Suezmaxes substituting for VLCC for 2-3 AG/Eastbound cargoes.
McQuilling Morning Commentary
Feb. 18, 2014
VLCC- Charterers and Owners are counting potential ships and cargoes that are still unfixed for the first 10 days of March.
McQuilling Morning Commentary
Feb. 17, 2014
VLCC- There are few requirements in the AG or West African markets at this time, and the position list remains tight.
McQuilling Morning Commentary
Feb. 14, 2014
VLCC - Activity has slowed at the end of the week.
McQuilling Morning Commentary
Feb. 13, 2014
VLCC - There has been little activity since yesterday, and rates remain steady as the position list is tight in the AG and West Africa.
McQuilling Morning Commentary
Feb. 12, 2014
VLCC - The position list for early March is tight, and owners continue to press for higher rates for March stems.
McQuilling Morning Commentary
Feb. 11, 2014
VLCC - March stems in the AG are appearing a few days early, as the number of fixtures for February '14 far exceeded last year's figures.
McQuilling Morning Commentary
Feb. 10, 2014
VLCC - A few February requirements remain in the AG and owners may elect to wait for March stems rather than fix at lower rates.
McQuilling Morning Commentary
Feb. 7, 2014
VLCC- It is a quiet end to a busy week with just 2-3 cargoes working in the AG.
McQuilling Morning Commentary
Feb. 6, 2014
VLCC- Rates AG/East have improved since last week, with ws48 levels being done recently.
McQuilling Morning Commentary
Feb. 5, 2014
VLCC- Worldscale rates for Eastbound tonnage have risen since Monday, as Westbound rates remain steady.
McQuilling Morning Commentary
Feb. 4, 2014
VLCC - We are around 100 fixtures for February and the market continues to be fairly active.
McQuilling Morning Commentary
Feb. 3, 2014
VLCC - Some Eastern charterers are back from their holiday and stems in the 3rd week of February are working.
In the West, one or two charterers are looking from West Africa in Early March.
McQuilling Morning Commentary
Jan. 31, 2014
VLCC- Rates have fallen significantly this week and now appear to be leveling off.
McQuilling Morning Commentary
Jan. 30, 2014
VLCC - Rates in the AG continue to fall, as charterers have been slow to fix and the Far East celebrates the New
Year holiday. Activity in the West has been quiet in the absence of Chinese charterers.
McQuilling Morning Commentary
Jan. 29, 2014
VLCC - Few requirements are being traded, as many celebrate New Year holidays in the Far East. Worldscale
rates continue to weaken in the AG.
McQuilling Morning Commentary
Jan. 28, 2014
VLCC - The market has been quiet and Worldscale rates in the AG are weakening.
McQuilling Morning Commentary
Jan. 27, 2014
VLCC - The market is quiet as many in the Far East are preparing for the New Year holiday.
2014-2018 Tanker Market Outlook is Now Available
Jan. 24, 2014
McQuilling Morning Commentary
Jan. 22, 2014
VLCC - Worldscale rates in the AG continue to firm as inquiry remains strong across the market.
McQuilling Morning Commentary
Jan. 21, 2014
VLCC - Worldscale rates in the AG continue to firm as inquiry remains strong across the market.
McQuilling Morning Commentary
Jan. 20, 2014
VLCC - Rates continue to move higher for AG/East as the Eastern New Year approaches.
McQuilling Morning Commentary
Jan. 17, 2014
VLCC- Fresh highs in the AG and West Africa as the market rose dramatically this week.
McQuilling Morning Commentary
Jan. 16, 2014
VLCC- The market surged yesterday, and many owners are shifting tonnage towards West Africa to take advantage of the effects of a high Suezmax market.
McQuilling Morning Commentary
Jan. 15, 2014
VLCC- We are beginning to see February stems in the AG.
McQuilling Morning Commentary
Jan. 14, 2014
VLCC- The market seems to have found its bottom for the time being, and the question being asked is how many more January stems are left.
McQuilling Morning Commentary
Jan. 13, 2014
VLCC- The AG market is approaching 100 fixtures for January, which is about 15 fixtures less than the same date in 2013 and 2012.
McQuilling Morning Commentary
Jan. 10, 2014
VLCC- Worldscale rates continue to weaken, despite a relatively active week in the AG and Atlantic markets.
McQuilling Morning Commentary
Jan. 9, 2014
VLCC- Rates continue to weaken in the AG, but West Africa is more active.
McQuilling Morning Commentary
Jan. 8, 2014
VLCC- Fixtures AG/East have been done below w/s50 for the first time since early November 2013.
McQuilling Morning Commentary
Jan. 7, 2014
VLCC- Worldscale rates continue to weaken in all areas, although activity in the Atlantic has been picking up.
McQuilling Morning Commentary
Jan. 6, 2014
VLCC- The week starts with moderate activity in the AG while West Africa appears to be quiet.
McQuilling Morning Commentary
Jan. 3, 2014
VLCC- Worldscale rates are weakening across the VLCC market.
McQuilling Morning Commentary
Jan. 2, 2014
VLCC- The new year has begun, but many are still trading on Worldscale 2013 rates.
