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The tanker market is – even more so than before – all about geopolitics.
Looking for a seasonal pick up while suffering unsustainable rates. Demand: According to figures from the International Energy Agency, global oil demand peaked in 2007 and is forecast to have bottomed out in the second quarter of 2009.
US President Obama has issued an Executive Order with the heading “Blocking Property of Certain Persons Contributing to the Conflict in Somalia”, which could have an impact on the possibility for paying ransom under some circumstances. The situation is not clear and perhaps some ship owners will consider how to address this situation before transiting the Gulf of Aden and the Somali Basin. On that background, we hereby include an updated version of our calculations regarding the cost part of the decision to go round the Cape of the Good Hope.
The BIMCO Maritime Information department informs members on a weekly basis, updates about the COVID-19 in relation to implementation measures imposed by governments for sea transport including for crew change as well as from the United Nation bodies like the International Maritime Organization (IMO), World Health Organization (WHO) and International Labour Organization (ILO). BIMCO provides the following update for this week ending Friday, 12 February 2021
US exports of crude oil have, since August 2018, continued to rise every month, with a new record high in January of 9.6 million tonnes.
The ending of the monsoon has focused increased attention on the piracy issue and thus also the costs of piracy.
Tanker shipping was in many ways the odd one out of the shipping sectors in 2020; at the start of the pandemic, the market was strong, only to finish off the year in the doldrums, while the other sectors stayed profitable.
Crude oil tankers in the mixed zone, whereas product tankers are feeling the first rays of sun between the clouds
The impact of the sanctions against Iran and global stockpile levels are two factors to watch out for.
