http://www.intertanko.com/Members-I...esearch-and-Projects/Indicative-key-figures-/ According to intertanko, the VLCC daily rates are $608 per day right now. That is insanely low! I'm thinking about charting one for a day sail it around the ocean and have a bunch of friends have a paintball war on it. Its just ridiculously stupid that these ship prices are so low. You can rent THREE VLCCs now for about the same as you can rent ONE ferrari F430 spider for.
I see you've never been involved in shipping. That's per tonne. Fuel costs are more than that. Also, that wouldn't even cover the insurance premiums.
I see YOU have never been involved in shipping. A VLCC holds 250,000 DWT. At $608 per ton that would mean $152 million dollars per day to charter. FYI, a VLCC only holds 2.1 million barrels of oil. 2.1 million barrels of oils cost about $180 million dollars. A VLCC costs $120 million. Obviously nobody is paying $152 million per day to charter a VLCC or we would all be in the shipping business. You are right about one thing. Fuel costs ARE more than that and you are right it wouldnt cover the insurance. A 10 year old VLCC needs to make about $20,000 to $25,000 per day to break even. (the brand new ships can break even on around $10,000 per day) This is why I posted this because the prices are so ridiculously low. No shipping company is making profits with rates this low. Thats why I think a few of us should go out, rent a few of these ships, get some paintball guns and sail by each others ships shooting at each other. =)
Actually it is not. I think you rent the ship, but payment for fuel and people is separate from ship rent (i.e. it is added).
I can remember in previous recessions it was a better deal to chop the older ships into scrap metal than to operate them.
I just checked and I think you are right. Turns out the average VLCC as of 2 months ago uses about $50k worth of fuel per day. So I guess we'll just have to play paintball while the ship is docked. =)