Tanker market report dated 7 June 2019

China officially increased tariffs up to 25% on $60 billion of US products from 1st June, following the US decision to increase tariffs on $200bn/year of imports from China to 25% from 10th May. Chinese imports of nearly every US energy commodity now face a tax of up to 25%. Crude is exempt, but China’s imports of US crude have fallen dramatically anyway since the 2nd half of 2018. Despite the trade conflict, US crude exports continue to grow. The loss of trade to China is being offset by higher shipments to other Asia Pacific countries and Europe. Similarly, Chinese crude imports continue to increase, with US barrels being replaced from multiple sources. As such, up until now the impact of US-China trade conflict on the crude tanker market has been very limited, although undoubtedly there would have been stronger long haul VLCC demand, if China had continued buying US crude. 

The weekly tanker market report by Gibson Shipbrokers.

MEMBER SECTION

If you are a member, please login or register to view this page. If you are unsure of your membership, or wish to become a member, please contact membership@bimco.org.

 

in Copenhagen, DK

Stay up to date

Receive up to date market information on a number of topics, such as newbuilding and demolition reports as well as a weekly perspective in the Shipping Number of the Week newsletter.

 

ELSEWHERE ON BIMCO

Contracts & Clauses

All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.

Learn about your cargo

For general guidance and information on cargo-related queries.

More about cargo

BIMCO Publications

Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.