Articles from the author

Over the past week there was minimal activity for VLCCs on Arabian Gulf/East voyages.

When ships have ploughed the lonely sealanes for 25 or 30 years, it is generally time to retire. So it is for a tanker the Endeavor II. She has been sold to Pakistan shipbreakers for $7.2 million (Dh26.4 million). She does have some history, however.

Chinese New Year celebrations and the publication of cargo nominations for the second half of March were slightly interrupted by the Institute of Petroleum's London dinner.

Just about all the liftings for February from the Arabian Gulf have been arranged.

In my last two reports I predicted a rise in rates for VLCCs from the Gulf.

The star of the show has clearly been the steel industry. For the first time, worldwide steel production has exceeded 1,000 million tonnes.

We have again been counting the number of monthly fixtures concluded from the Arabian Gulf. At the height of the market in November 2004, rates peaked well above the Worldscale 420 level.

Fixtures cast doubts on oil cuts

Rates tumble further in Gulf markets

Opec cutbacks send rates tumbling

The British Chancellor of the Exchequer is visiting Washington to meet with US Treasury officials.

About 105 VLCC fixtures concluded from Gulf