Tuesday, April 16, 2013

Peter Deeb Quoted in TankerOperator

Peter Deeb was quoted in an article in TankerOperatorhttp://network.tankeroperator.com/profiles/blogs/tanker-rates-rise-for-first-time-in-three-weeks-on-bullish-cargo

Tanker Rates Rise for First Time in Three Weeks on Bullish Cargo Outlook

Charter costs for super-tankers hauling Middle East crude to Asia rose for the first time in three weeks amid speculation that Saudi Arabia production increases will increase the number of cargoes needed.

Charter rates for very large crude carriers travelling between Saudi Arabia and Japan added 1.40 percent to 31.13 industry-standard Worldscale points, according to the Baltic Exchange in London last week. The increase was the biggest since March 21, the last time costs climbed. Each of the ships used in the analysis can hold 2 million barrels of oil.

Saudi Arabia, the world’s largest crude exporter, produced about 50,000 barrels of oil per day March versus February, according to Toronto-based Hampton Securites. Oil supplies are expected to rise as Asian refiners come back on-line after maintenance shut-downs, said Hampton’s CEO, Peter Deeb. Still, there are 85 VLCCs available in the Persian Gulf over the next 30 days, little changed from last week, Marex Spectron Group said in a report.