The cost to transport crude oil from the Caribbean on Aframax tankers rose 32 percent amid speculation the forecast entry of Tropical Storm Gustav into the Gulf of Mexico will delay shipping. Vessels today were hired for an average rate of Worldscale, or WS, 245, from WS 185 on Aug. 22, according to Houston-based Lone Star, R.S. Platou and New York-based Poten & Partners. That's equal to about $36,415 per day after expenses such as fuel and port fees. Rates have risen steadily as Tropical Storm Gustav strengthens and tracks on an apparent U.S. Gulf route, which should keep states players glued to the weather news,'' Lone Star broker Bruce Kahler said in a note yesterday.
Gustav, packing sustained winds of almost 60 miles (95 kilometers) per hour, was about 90 miles west of the Haitian capital, Port-au-Prince, and 120 miles southeast of Guantanamo, Cuba, the U.S. National Hurricane Center in Miami said in an advisory.
The storm is forecast to pass over the Caribbean between Cuba and Jamaica, before entering the Gulf on Aug. 30. Gustav, which weakened from a hurricane yesterday, may gain major'' hurricane status, reaching at least Category 3 on the five-step Saffir-Simpson scale of intensity, the center said. Such a storm has winds of 111 (178 kilometers) to 130 miles per hour.
Ship Movements
Brazil's Petrobras contracted an Aframax to transit between St. Lucia and the U.S. Gulf Coast, Lone Star said. Chevron Corp. contracted a ship to ferry oil from the east coast of Mexico to the Gulf Coast, and Valero Energy Corp. contracted a vessel to sail to the Gulf Coast from the Caribbean, according to the broker.
Two tankers, Frontline Ltd.'s Front Shanghai, a Suezmax- class ship, and Teekay Corp.'s Narmada Spirit, an Aframax, arrived at the Louisiana Offshore Oil Port, or LOOP, the biggest U.S. oil-import terminal, in the past week, according to data compiled by Bloomberg.
Tsakos Energy Navigation Ltd.'s Opal Queen was due to arrive in Guaranao, Venezuela, yesterday, and tomorrow Atlas Maritime Holding Inc.'s Atlas Valor is scheduled for Guaranao, and Teekay's Erik Spirit is due in Puerto de la Cruz, Venezuela, according to the data.
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 costs.
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. It can carry about 600,000 barrels of oil.
Gustav, packing sustained winds of almost 60 miles (95 kilometers) per hour, was about 90 miles west of the Haitian capital, Port-au-Prince, and 120 miles southeast of Guantanamo, Cuba, the U.S. National Hurricane Center in Miami said in an advisory.
The storm is forecast to pass over the Caribbean between Cuba and Jamaica, before entering the Gulf on Aug. 30. Gustav, which weakened from a hurricane yesterday, may gain major'' hurricane status, reaching at least Category 3 on the five-step Saffir-Simpson scale of intensity, the center said. Such a storm has winds of 111 (178 kilometers) to 130 miles per hour.
Ship Movements
Brazil's Petrobras contracted an Aframax to transit between St. Lucia and the U.S. Gulf Coast, Lone Star said. Chevron Corp. contracted a ship to ferry oil from the east coast of Mexico to the Gulf Coast, and Valero Energy Corp. contracted a vessel to sail to the Gulf Coast from the Caribbean, according to the broker.
Two tankers, Frontline Ltd.'s Front Shanghai, a Suezmax- class ship, and Teekay Corp.'s Narmada Spirit, an Aframax, arrived at the Louisiana Offshore Oil Port, or LOOP, the biggest U.S. oil-import terminal, in the past week, according to data compiled by Bloomberg.
Tsakos Energy Navigation Ltd.'s Opal Queen was due to arrive in Guaranao, Venezuela, yesterday, and tomorrow Atlas Maritime Holding Inc.'s Atlas Valor is scheduled for Guaranao, and Teekay's Erik Spirit is due in Puerto de la Cruz, Venezuela, according to the data.
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 costs.
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. It can carry about 600,000 barrels of oil.