Persian Gulf Tanker Rates May Drop

Persian Gulf Tanker Rates May Drop as Refineries Delay Cargoes
By Alaric Nightingale
Dec. 20 (Bloomberg)

The cost of shipping Middle East crude to Asia, the world's busiest market for supertankers, may drop as oil companies resist paying record prices to hire ships.

Very large crude carriers, or VLCCs, are making about $300,000 a day on benchmark international trade routes to Asia, according to prices compiled by Bloomberg. In 2004, the previous record year, they made $290,000 a day, according to London-based shipbroker Galbraith's Ltd.

Charterers who hire ships for oil companies may now be ``holding back if possible for fear of paying too much,'' Charlie Fowle, a director at the company, said in an e-mailed note today.

Sinochem Corp., China's biggest chemicals trader, hired the tanker C. Champion at a rate of 285 Worldscale points, according to a report today from Oslo-based shipbroker PF Bassoe AS. That's 10 percent below the London-based Baltic Exchange's benchmark rate of 317.66 points for voyages to Asia.

Higher Rates

Flat rates for ships loading next year are higher than those in 2007 because of record refueling costs. The Baltic Exchange's assessments reflect 2007 flat rates until the end of the year.

At 317.66 Worldscale points, owners of double-hulled very large crude carriers, or VLCCs, can earn about $297,0777 a day on a 39-day round trip from Saudi Arabia to South Korea, based on a formula by R.S. Platou, an Oslo-based shipbroker, and Bloomberg marine fuel prices.

That means costs for Japanese refineries fell 0.4 percent to $7.42 a barrel from $7.45 a barrel on Dec. 18.

There are 23 modern two-hulled tankers available for hire within the next 30 days, according to a report today from Paris- based Barry Rogliano Salles. There were 40 such ships competing for cargoes two months ago, according to the shipbroker.

Asian Aframax Rate Gains Most Since 2005

Asian Aframax Rate Gains Most Since Feb. 2005 on Yearend Demand
By Katherine Espina
Dec. 12 (Bloomberg)

Asian aframax rates rose the most in two years and nine months, benefiting from higher costs for chartering bigger tankers and boosted by increased shipments for January ahead of the yearend holidays.

The rate to transport 80,000 metric tons of fuel from Kuwait to Singapore jumped 12 percent yesterday to Worldscale 233.75, according to the London-based Baltic Exchange. The gain is the biggest since Feb. 23, 2005, when the rate rose 16 percent. Shipping a ton of fuel on the route costs $19.94, based on Bloomberg data.

Hiring rates of supertankers, also known as very large crude carriers or VLCCs, on the Middle East to Far East routes have risen almost four percent since November, prompting charterers to split cargoes so smaller ships like suezmaxes and aframaxes can move them. Supertanker rates may extend gains after an oil spill in South Korea last week involving a single- hull vessel increased speculation of more demand for two-hull tankers.

``There is a knock-on effect from VLCC rates rising,'' Takeshi Ando at the tanker team of shipbroker Matsui & Co. in Tokyo said. ``Aframax owners don't like to offer below VLCC rates so I expect this sector will still go up,'' Ando said by phone.

The hiring rate for a supertanker on the Middle East-Japan route rose 5.5 percent yesterday to Worldscale 227.19, advancing more than fourfold since the start of the year, according to the Baltic Exchange's data. A supertanker on the Middle East-Singapore route gained 5.6 percent to Worldscale 231.56, its fourth day of gains.

Winter Demand

Aframax rates on the Middle East-Singapore route surged 4.5 percent last week, bringing gains in the past eight weeks to 78 percent, as transport demand rose to meet fuel needs for the Northern Hemisphere winter and shipowners passed on the additional costs from higher bunker prices.

Five aframaxes, capable of moving a total of 543,920 tons of fuel, are scheduled to arrive in Singapore this week while one with 113,013-ton capacity will arrive next week, according to Bloomberg data. That compares with three last week, with the capacity to haul a total of 309,880 tons of fuel.

The collision between a barge and the single-hulled supertanker Hebei Spirit on Dec. 7 in South Korea spilt 10,500 metric tons (78,750 barrels) of oil, the worst oil spill in the world in four-and-a-half years.

The following is a table of rates to charter smaller tankers capable of carrying less than 1 million barrels of crude oil or oil products on Asian routes as of Dec. 11, according to the Baltic Exchange.

--------------------------------------------------------------
Route Tons Rate Change Carrier
--------------------------------------------------------------
Kuwait-Singapore 80,000 233.75 +11.86% Aframax
Persian Gulf-Japan 75,000 209.17 +0.40% Oil Product Tanker
Singapore-Japan 30,000 312.50 0% Oil Product Tanker
Middle East-Japan 55,000 251.73 +0.23% Oil Product Tanker
--------------------------------------------------------------

Bloomberg Roundup October 11th

Asian Aframax Rate Falls on Limited Cargoes, Ship Supply Gain
By Katherine Espina
Oct. 11 (Bloomberg)

Asian rates for oil tankers that can carry 80,000 metric tons fell for a third day on limited cargoes from the Middle East, causing an oversupply of vessels.

The aframax rate for transporting oil from Kuwait to Singapore, the world's fourth-busiest route for such vessels, dropped 0.08 percent to Worldscale 115.83 yesterday, according to data from the London-based Baltic Exchange. Shipping a ton of fuel on the route costs $11.96, according to Bloomberg data.

``There could be some more room for rates to go down given there are plenty of vessels and little activity,'' Takeshi Ando, a shipbroker at Matsui & Co., said by phone from Tokyo.

Aframax rates have declined 7 percent in the past four weeks, as holidays in China slowed chartering and higher fuel oil prices in Fujairah, the Middle East's largest bunker port, discouraged shipments to the Far East.

Only two aframax tankers capable of moving 215,415 tons of fuel are scheduled to arrive in Singapore next week compared with this week's four, which are able to transport 412,305 tons, Bloomberg data showed. About five to 10 aframaxes are waiting for employment in Singapore this week, shipbrokers said.

Rising supply of new vessels may also contribute to declining rates. More than 240 aframax tankers are on order for the next five years, adding to the 728 units at the end of 2006, France-based shipbroker Barry Rogliano Salles said in its review of the tanker market.

Southeast Asia is the world's second-busiest aframax market, after the Mediterranean. The Caribbean is the third busiest.

Other freight rates. Source: Baltic Exchange:

Route               Tons    Rate   Change   Carrier
Kuwait-Singapore    80,000  115.83  -0.08%  Aframax
Indonesia-Japan     80,000  110.00  -4.35%  Aframax
Persian Gulf-Japan  75,000  113.75  +0.92%  Oil Product Tanker
Singapore-Japan     30,000  202.00  -0.04%  Oil Product Tanker
Middle East-Japan   55,000  161.73  +4.5%   Oil Product Tanker

Persian-Gulf Tanker Costs May Resume Decline on Glut of Ships
By Alaric Nightingale
Oct. 11 (Bloomberg)

The cost of shipping Middle East crude to Asia, which advanced for the first time in 10 days yesterday, may resume its decline as a glut of ships will counter increased demand for cargo from Saudi Arabia.

The London-based Baltic Exchange's key ship-rental rate rose as refinery officials said Dahran-based Saudi Aramco will supply Asian customers with full crude-oil volumes for the first time in a year from November. The company previously cut volumes by 9-10 percent. The Organization of Petroleum Exporting Countries has pledged to boost output from next month by 500,000 barrels a day.

``I don't see the market picking up,'' said Mathieu Philippe, a tanker broker in Dubai at Paris-based Barry Rogliano Salles. ``There are plenty of ships around. I don't think these announcements will have any effect for the next few days.''

Fifty-seven tankers that so far haven't been hired are able to reach ports by Oct. 31, according to a Barry Rogliano report, meaning oil-company officials will have a surplus of vessels to use when November bookings get under way.

The Baltic Exchange's rental rate, used in negotiations between shipowners and oil companies and to settle freight hedging contracts, advanced 2.3 percent to 51.64 Worldscale points yesterday, its first gain since Sept. 27.

At 51.64 Worldscale points, owners of double-hulled very large crude carriers, or VLCCs, can earn about $17,662 a day on a 38-day round trip from Saudi Arabia to South Korea, based on a formula by R.S. Platou, an Oslo-based shipbroker, and Bloomberg marine fuel oil prices.

Frontline Ltd., the world's biggest VLCC operator, said Aug. 22 it needs $30,000 a day to break even on each of its supertankers.

Caribbean Tanker Rate Rises as U.S. Crude Oil Inventory Falls
By Todd Zeranski
Oct. 11 (Bloomberg)

The rate to transport oil from the Caribbean rose as U.S. oil inventories declined and refineries increased production.

The Caribbean is the world's third-largest Aframax-tanker market after the Mediterranean and Southeast Asia. An Aframax is the most common tanker used to move oil in the region.

The average Aframax rate rose 2.5 points, or 2.5 percent, to Worldscale 102.5. WS 102.5 is equal to about $6,500 a day, after expenses such as fuel and port fees, according to Poten & Partners.

Houston-based broker Lone Star, R.S. Platou reported a rate of WS 105. Poten & Partners reported WS 100.

The rate fell to WS 92.5 on Sept. 11, the lowest since 2001, according to Bloomberg data.

General Maritime Corp., the second-largest U.S. tanker owner behind Overseas Shipholding Group Inc., said last year it had a break-even rate for its fleet of about $15,700 per day. The New York-based company operates many of its vessels in the Caribbean.

Imarex/SHX Closing Prices 09.28.07 (Fri)

Imarex
TD3: not available - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: not available - MR2 - Rotterdam to New York (USAC)

SHX: 378.47 ( -2.67/-0.70% ) - PHLX Marine Shipping Index (at highs)





Baltic Dirty Tanker Index: 920 ( -1.29%)

OTII Rates	Sept. 28	Fri	4pm	prev wk
From	To	Size	WS	change
AG	Singapore	260 K	70.00	+ 7.50
AG	Japan	250 K	67.50	+ 6.00
AG	USG	280 K	47.50	0
WAF	USG	260 K	60.00	0
WAF	USAC	130 K	87.50	- 5.00
Indonesia	Japan	80 K	115.00	0

Imarex/SHX Closing Prices 09.28.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 09.21.07(Fri)

Imarex
TD3: WS79 ( sharp rise ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS201 ( rise ) - MR2 - Rotterdam to New York (USAC)

SHX: 367.70 ( +13.61/+3.84% ) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 944 ( +1.07%)
Sharp Rise

OTII Rates	Sept. 21	Fri	4pm	prev wk
From	To	Size	WS	change
AG	Singapore	260 K	62.50	+ 12.50
AG	Japan	250 K	61.25	+ 11.25
AG	USG	280 K	47.50	+ 5.00
WAF	USG	260 K	57.50	+ 15.00
WAF	USAC	130 K	92.50	+ 20.00
Indonesia	Japan	80 K	115.00	0

Imarex/SHX Closing Prices 09.21.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 09.14.07 (Fri)

Imarex
TD3: WS56 ( -2 ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS174 ( -1 ) - MR2 - Rotterdam to New York (USAC)

SHX: 342.67 ( -0.45/-0.13% ) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 805 ( +0.50%)

OTII Rates	Sept. 14	Fri	4pm	prev day
From	To	Size	WS	change
AG	Singapore	260 K	50.00	0
AG	Japan	250 K	50.00	0
AG	USG	280 K	42.50	0
WAF	USG	260 K	47.50	0
WAF	USAC	130 K	72.50	0
Indonesia	Japan	80 K	115.00	0

Imarex/SHX Closing Prices 09.14.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 09.10.07

Imarex
TD3: WS60 ( 0 ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS180 ( -7.0 ) - MR2 - Rotterdam to New York (USAC)

SHX: 341.43 ( -6.61/-1.90% ) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 765 ( -0.78%)
lowest since August 2003

OTII Rates	Sept. 10	Mon	4pm	prev day
From	To	Size	WS	change
AG	Singapore	260 K	55.00	0
AG	Japan	250 K	55.00	0
AG	USG	280 K	42.50	0
WAF	USG	260 K	50.00	0
WAF	USAC	130 K	75.00	0
Indonesia	Japan	80 K	115.00	+5

Imarex/SHX Closing Prices 09.10.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 09.04.07

Imarex
TD3: WS63 ( -1 ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS177.5 ( -5.5 ) - MR2 - Rotterdam to New York (USAC)

SHX: 347.43 ( +1.63/-0.46% ) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 804 ( -0.62%)
lowest since August 2003



OTII rates (Sep. 4th) [next available:
AG-Singapore - - - - - -260k - - - - WS 55.00
Indonesia-Japan - - - - 80k - - - - - WS 110.00
AG-USG - - - - - - - - - 280k - - - - WS 45.00
WAF - USG - - - - - - - 260k - - - - WS 55.00
WAF - USAC - - - - - - 130k - - - - -WS 75.00

Imarex/SHX Closing Prices 09.04.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Product Tanker Rates to Asia Decline

Hiring Rates for Oil Product Tankers on Asian Routes Decline
By Katherine Espina
Sept. 5 (Bloomberg)

Rates for chartering oil product tankers on Asian routes may extend declines after fuel inventories in Japan rose.

The rate for moving 30,000 metric tons of oil products to Japan from Singapore dropped 0.8 percent to Worldscale 219.17 yesterday, the third day it has fallen, according to the London- based Baltic Exchange. That translates to $18.93 for shipping a ton of product, Bloomberg data showed.

The rise in oil stockpiles in Japan, Asia's second-largest oil consumer, may weaken demand for vessels. Oil-product inventories in Japan rose to 15.2 million kiloliters (129.5 million barrels) last week from 15.1 million kiloliters a week earlier, the Petroleum Association of Japan said today. Gasoline inventory rose 28,322 kiloliters to 1.91 million kiloliters, the group said.

A potential reduction in gasoline exports from China may also keep a lid on tanker rates. China, Asia's largest gasoline exporter, may cut overseas sales of the fuel as state oil companies stockpile supplies to meet domestic demand for transport fuels, traders said last month.

With the end of the U.S. driving season, and ``Asian product shipments still fragile, product tanker demand could still be under pressure,'' DNB Nor Markets analysts Glenn Lodden and Henrik With said in a report. The Labor Day holiday weekend ended Sept. 3 in the U.S., after which gasoline consumption usually goes into a seasonal decline, easing demand for exports from other countries.

Only two ships capable of carrying 109,804 tons of cargo are slated to arrive in Singapore next week. Five vessels, able to transport 206,909 tons of oil products, are due this week, according to Bloomberg data.

Japan Rates

The cost of shipping 75,000 tons of products to Japan from the Persian Gulf declined a sixth day, losing 0.8 percent to Worldscale 153.96 yesterday, the Baltic Exchange's data showed.

The rate to transport a 55,000-ton cargo to Japan from the Middle East dropped 1.1 percent to Worldscale 176.54 yesterday, bringing to 9.2 percent its losses in the past six days, according to the Baltic Exchange. Shipping a ton of oil product on the route costs $30.87, Bloomberg data shows.

The rate to transport 80,000 tons of crude oil or fuel oil on so-called aframax tankers to Singapore from Kuwait rose a second day, adding 0.9 percent to Worldscale 123.65 yesterday, according to the Baltic Exchange.

Imarex/SHX Closing Prices 08.28.07

Imarex
TD3: WS70 ( -4 ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS187.0 ( -3 ) - MR2 - Rotterdam to New York (USAC)

SHX: 321.75 ( -11.94/-3.58% ) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 829 ( -0.48%)
lowest since August 2003


OTII rates (Aug. 28th) [next available:
AG-Singapore - - - - - -260k - - - - WS67.50
Indonesia-Japan - - - - 80k - - - - - WS110.00
AG-USG - - - - - - - - - 280k - - - - WS52.50
WAF - USG - - - - - - - 260k - - - - WS57.50
WAF - USAC - - - - - - 130k - - - - -WS77.50

Imarex/SHX Closing Prices 08.28.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 08.23.07

VLCC rates rise sharply

Imarex
TD3: WS75 (+5) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS201.0 ( -11.5 ) - MR2 - Rotterdam to New York (USAC)

SHX: 327.45 ( -2.98/-0.90% ) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 830 (+1.59%)
lowest since August 2003


OTII rates (Aug. 23rd)
AG-Singapore - - - - - -260k - - - - WS70.00
Indonesia-Japan - - - - 80k - - - - - WS112.50
AG-USG - - - - - - - - - 280k - - - - WS50.00
WAF - USG - - - - - - - 260k - - - - WS55.00
WAF - USAC - - - - - - 130k - - - - -WS75.00

Imarex/SHX Closing Prices 08.23.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Persian Gulf Tanker Rates Rise Most in 20 Months

Persian Gulf Tanker Rates Rise Most in 20 Months; Demand Jumps
By Alaric Nightingale
Aug. 23 (Bloomberg)

The cost of shipping Middle East crude to Asia, the world's busiest market for supertankers, climbed the most in 20 months and may extend its rally as cargo demand strengthens.

September demand is outpacing that of August ``by a long way,'' Tim Coffin, an analyst at London-based Capital Shipbrokers LP, said in an e-mailed note today. Tanker-hire prices are ``firming fast,'' he said, ``we didn't expect it.''

Some cargo loadings may have been delayed from August to September, he said, reducing tanker demand.

Sinochem Corp., China's biggest petrochemicals trader, hired the tanker Iran Nesa at a rate of 72.5 Worldscale points, according to a report from Oslo-based PF Bassoe AS today. That's 16 percent above the London-based Baltic Exchange's benchmark rate of 62.7 points for cargoes to Asia.

The exchange's rate climbed 20 percent yesterday, the biggest one-day gain since Jan. 22 last year.

At 62.7 Worldscale points, owners of double-hulled VLCCs can earn about $33,030 a day on a 38-day round trip from Saudi Arabia to South Korea, based on a formula by R.S. Platou, an Oslo-based shipbroker, and Bloomberg bunker prices. Yesterday, they were making $19,881 a day, based on the same calculations.

Frontline Ltd., the world's biggest VLCC operator, said today it needs $30,000 a day to break even on each of the supertankers.

Too Many Ships

Still, there are too many ships for hire, according to a report from Paris-based shipbroker Barry Rogliano Salles today. There are likely to be about 70 more cargoes loaded in September, based on average monthly demand. By contrast, 100 vessels can reach the Middle East by Sept. 23, the broker said.

Bookings for supertankers sailing from the Middle East to Asia account for 47 percent of global demand for the carriers, according to New York-based McQuilling Brokerage Partners LLP. Shipments to the U.S. and Caribbean, the second-biggest market, account for 14 percent of demand for supertankers.

Imarex/SHX Closing Prices 08.22.07

VLCC rates rise sharply

Imarex
TD3: WS70 (+6) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS212.5 (0) - MR2 - Rotterdam to New York (USAC)


Baltic Dirty Tanker Index: 817 (+1.24%)
lowest since August 2003


OTII rates
AG-Singapore - - - - - -260k - - - - WS70.00(+10)
Indonesia-Japan - - - - 80k - - - - - WS115.00
AG-USG - - - - - - - - - 280k - - - - WS50.00(+2.5)
WAF - USG - - - - - - - 260k - - - - WS70.00(+10)
WAF - USAC - - - - - - 130k - - - - -WS72.50

Imarex/SHX Closing Prices 08.22.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 08.17.07

Imarex
TD3: WS54 (0) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS189 (-2) - MR2 - Rotterdam to New York (USAC)

SHX: 304.77 (+9.82/+3.33%) - PHLX Marine Shipping Index

Baltic Dirty Tanker Index: 817 (-0.24%)
lowest since August 2003

BDTI - 3 month chart

OTII rates (test)
AG-Singapore - - - - - -260k - - - - WS55.00
Indonesia-Japan - - - - 80k - - - - - WS117.50
AG-USG - - - - - - - - - 280k - - - - WS45.00
WAF - USG - - - - - - - 260k - - - - WS55.00
WAF - USAC - - - - - - 130k - - - - -WS77.50

Imarex/SHX Closing Prices 08.17.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index, BDTI, chart, graph

Imarex/SHX Closing Prices 08.07.07

Imarex
TD3: WS56 (0) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS183 (+1) - MR2 - Rotterdam to New York (USAC)

SHX: 322.96 (+8.92/+2.84%) - PHLX Marine Shipping Index

TankerRates.com (08.03 - 00:30 CET) - NO UPDATE
MEG-East - - - - - - - VLCC - - - - 260k - - - - - - 52
WAF-USAC - - - - - - Suezmax - -130k - - - - - - 91
NSEA-UKC - - - - - - - Aframax - - 80k - - - - - - 80
Singapore-Japan - - - MR - - - - - 30k - - - - - - 230

Baltic Dirty Tanker Index: 904 (-2.59%)


Imarex/SHX Closing Prices 08.07.07
Imarex, PHLX, SHX, WS, Worldscale, Baltic Dirty Tanker Index

Asian Aframax Tanker Rates

Asian Aframax Tanker Rates May Extend Drop on Lack of Cargoes
By Katherine Espina
Aug. 7 (Bloomberg)

The rate for shipping oil on Asian routes on tankers that can carry 80,000 metric tons fell a third day and may extend its decline because of a lack of cargoes.

The rate for aframax tankers on the Kuwait-to-Singapore route dropped 2.3 percent to Worldscale 130.77 yesterday, the lowest in more than two weeks, according to data from the London-based Baltic Exchange. That puts the cost of shipping a ton of oil on the route at $13.96, Bloomberg data showed.

``The market's very quiet as I don't see many fixtures,'' Katsunori Nishikawa, general manager of the chartering team at the shipbroking division of Matsui & Co. in Tokyo, said by phone today. There aren't ``any long-haul voyages like from Indonesia to Korea or Japan, just short trades.''

Six aframax tankers, which can carry 596,373 tons of fuel, are expected to arrive in Singapore in the next two weeks, compared with four that were capable of carrying 431,749 tons of cargo last week, according to Bloomberg data.

Bookings for August haven't been enough to drive charter rates higher for aframax tankers on east of Suez routes, according to shipbrokers including London-based Galbraith's Ltd. The rate on the Kuwait-to-Singapore route for an aframax tanker averaged Worldscale 136.58 in July, 6.9 percent below this year's average.

``Dwindling aframax interest caused rates to ease to Worldscale 130,'' for voyages to the East, London-based E.A. Gibson Shipbrokers Ltd. said in its weekly report.

The cost of moving 80,000 tons of oil to Japan from Indonesia was at Worldscale
132.5 yesterday, unchanged from Aug. 1, according to Bloomberg data. That puts
the cost of shipping a ton of oil on the route at $11.55.

``The Indonesia/East market was a little less active but the trend there remains
steady at Worldscale 130,'' Galbraith's said in its weekly report.

Aframax vessels, which can carry 600,000 barrels of crude oil, are predominantly deployed on short-haul routes or intra- regional trade.

The cost of transporting gasoline, diesel and other oil products on medium- to long-range tankers fell yesterday. The rate of shipping 30,000 tons of oil products to Japan from Singapore declined 0.7 percent to Worldscale 230.42, according to the Baltic Exchange. The cost of moving 55,000 tons of products to Japan dropped 0.5 percent to Worldscale 195.58.

Shipping 75,000 tons of oil products fell 0.6 percent to Worldscale 147.29 yesterday, the first decline in more than two weeks, based on data on the Baltic
Exchange.

Caribbean Tanker Rates Decline

Caribbean Tanker Rates Decline as Availability Exceeds Demand
By Todd Zeranski
Aug. 6 (Bloomberg)

Rates to transport oil from the Caribbean basin fell for a third day as the number of ships available for transport exceeds demand.

Rates have declined about 37 percent since July 23, falling for 10 of the last 11 business days.

Shipbrokers including New York-based Poten & Partners and Houston-based Lone Star, R.S. Platou listed an average rate of Worldscale, or WS, 105 and 110, respectively, to contract an Aframax tanker, which can carry about 600,000 barrels of oil. That's an average decline of about 11.3 percent from August 3.

London-based Galbraith's didn't list a rate as of 10:45 a.m. New York time today.

With other tanker markets also declining, shipowners have little option but to wait in the area.

The market is characterized by an ``abundance of tonnage available to charterers,'' Galbraith said in an August 3 note. Tanker owners are seeing ``no refuge in the Mediterranean or North Sea.''

Three Aframax tankers, the most common vessels used to transport oil in the region, were contracted today.

One each was contracted to transport oil to the U.S. Gulf Coast from the east coast of Mexico by Royal Dutch Shell Plc and Valero Energy Corp., respectively, according to Lone Star's daily listing.

Three Tankers Contracted

Petroleo Brasileiro SA contracted an Aframax to move oil between St. Lucia and the U.S. Gulf Coast, the broker said.

A rate of WS 105 is equal to about $8,017 a day after expenses such as fuel and port fees, according to Poten & Partners.

General Maritime Corp., the second-largest U.S. tanker owner behind Overseas Shipholding Group Inc., has a break-even rate of about $12,000 per day. The New York-based company operates many of its vessels in the Caribbean.

Worldscale points are a percentage of a nominal rate, or flat rate, for a specific route. Flat rates, quoted in U.S. dollars a ton, are revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates.

The Caribbean is the world's third-largest Aframax market after the Mediterranean and Southeast Asia.

Imarex/SHX Closing Prices 08.03.07

Imarex
TD3: WS57 ( -1 ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS189 ( -3 ) - MR2 - Rotterdam to New York (USAC)

SHX: 323.57 (-9.80/-2.94%) - PHLX Marine Shipping Index
previous week close: 329.63 (-6.06/-1.83%)

TankerRates.com (08.03 - 00:30 CET)
MEG-East - - - - - - - VLCC - - - - 260k - - - - - - 52 (-1)
WAF-USAC - - - - - - Suezmax - -130k - - - - - - 91 (-8)
NSEA-UKC - - - - - - - Aframax - - 80k - - - - - - 80 (0)
Singapore-Japan - - - MR - - - - - 30k - - - - - - 230 (-4)

Baltic Dirty Tanker Index: 949 (-1.56%)


Imarex/SHX Closing Prices 08.03.07
Imarex, PHLX, SHX, WS, Worldscale

Imarex/SHX Closing Prices 07.31.07

Imarex
TD3: WS62 (-4) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS208 (-7) - MR2 - Rotterdam to New York (USAC)

SHX: 338.92 ( +3.67/-1.09% ) - PHLX Marine Shipping Index

TankerRates.com (08.01 - 00:30 CET)
MEG-East - - - - - - - VLCC - - - - 260k - - - - - - 54 (-1)
WAF-USAC - - - - - - Suezmax - -130k - - - - - - 100 (+2)
NSEA-UKC - - - - - - - Aframax - - 80k - - - - - - 100 (-6)
Singapore-Japan - - - MR - - - - - 30k - - - - - - 234 (0)

Imarex/SHX Closing Prices 07.31.07
Imarex, PHLX, SHX, WS, Worldscale

Imarex/SHX Closing Prices 07.27.07

Imarex
TD3: WS66 ( +1.5 ) - VLCC - Ras Tanura (Saudi Arabia) to Chiba (Japan), 260,000mt
TC2: WS220 (+6) - MR2 - Rotterdam to New York (USAC)

SHX: 329.63 (-3.16/-0.95%) - PHLX Marine Shipping Index
previous week close: 351.11 (-21.48/-6.12%)

TankerRates.com (07.27 - 00:30 CET)
MEG-East - - - - - - - VLCC - - - - 260k - - - - - - 55 (-1)
WAF-USAC - - - - - - Suezmax - -130k - - - - - - 98 (+5)
NSEA-UKC - - - - - - - Aframax - - 80k - - - - - - 110 (-4)
Singapore-Japan - - - MR - - - - - 30k - - - - - - 237 (0)

Imarex/SHX Closing Prices 07.27.07
Imarex, PHLX, SHX, WS, Worldscale