TMT seeks to hire more supertankers

London: Taiwan Maritime Transport Co Ltd, a Taipei-based shipper and trader of freight derivatives, hired three supertankers and wants more, expecting higher rental rates.

TMT hired the very large crude carriers, or VLCCs, Shinyo Navigator, Safwa and Maritime Jewel for 90 to 120 days at fixed daily rates, head of research T.C. Chang said by phone from Taipei Friday. He wasn't able say how much TMT is paying or how many more tankers the company wants to hire.

"We think the VLCC market should be going up because demand is still there," Chang said.

Tanker rates have slumped 73 per cent since November 13 as brokers judged there are too many vessels available and amid speculation a US recession would curb demand for crude oil from refineries.

Rental rates posted the biggest two-month gain in at least 16 years in November and December.

TMT hired the vessels for about $60,000 a day, according to e-mailed notes from Nor Ocean Stockholm AB, Simpson.