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Three-fold rise in tanker rates in early 2009 seen |
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23/08/2008 |
| Mr Nobu Su, a shipping investor, who predicted six months ago that oil tanker rates would double, said he expected rental costs to advance three-fold by the first quarter of next year as energy prices gain on political instability.
With a fleet of 20 very large crude carriers (VLCCs), Mr Su is now the third-largest operator in the single voyage, or spot market, behind Frontline and Tankers International.
Mr Su, CEO of TMT Co. Ltd, said in February that the cost of hiring a VLCC would gain because ships were travelling farther.
"Winter will be very strong", Mr Su predicted. Political instability will cause oil prices to strengthen, increasing demand for tankers from refineries seeking to secure supply, he cautioned.
The cost of shipping Saudi Arabian crude oil to Japan, the industry benchmark, doubled to 244.53 Worldscale points on July 1 from 122.19 points when Mr Su made his prediction. Rental income since then has dropped by 80 per cent to $ 29,279 a day, on signs that higher oil prices are reducing consumption.
Chinese crude oil imports fell to their lowest this year, curbing demand for shipping, as high prices discouraged refineries from buying cargoes, the Customs General Administration pointed out.
In the US, gasoline consumption has fallen for 15 weeks, according to a survey.
Crude oil traded in New York has declined about 23 per cent since reaching a record $ 147.27 a barrel on July 11.
Shipowners are responding to the slump by telling captains to slow down their tankers, three shipbrokers said recently. |
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