Converted Very Large Ore Carriers (VLOC) are increasingly becoming a thing of the past with the long-term freight contracts coming to an end as newer and more reliable ships replace them in the market.
The benefits of strong demand growth in the 2010s were limited by faster supply growth.
Members of OPEC and allies (OPEC+), agreed to a historic production cut of 9.7 million barrels of crude oil per day (m/bpd) to reduce the massive production overhang and set a price floor to limit the fall in oil prices.
An overview of the reports and analysis available to BIMCO members.
BIMCO will host the Perspectives and insights on shipping amidst a pandemic webinar on 14 April 2020. The free 1-hour webinar will touch upon how the coronavirus has impacted the commercial shipping markets and what the future may hold.
The coronavirus outbreak has affected all aspects of the shipping industry, lowering, if not wiping out, demand growth prospects for the year across all segments. The outbreak has also affected fleet development.
Geopolitics is the dominating variable in the tanker market these days. With the OPEC+ negotiations falling apart and Saudi Arabia initiating an oil price war, the crude oil tanker spot freight rates, and time charter (TC) rates have soared.