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Demand drivers and freight rates A recent small and short spike in oil product tankers shows just how far the tanker market still has left to go on its recovery journey.
After a turbulent year, low demand looks set to plague the market in the coming months combined with too many ships fighting for too few cargoes in both the crude oil and oil product segments.
The oil market is notoriously linked to geopolitics. Most recently, the political situation in Venezuela creates turmoil in the region and particularly affects crude oil exports.
Persistent weakness in Europe and the impact of Hurricane Sandy led to the International Energy Agency (IEA) cutting its global oil demand forecast for Q4-2012 down to 90.1 million barrels per day.
This commentary on current shipping matters is supplied by Moore Stephens, the leading accountant and shipping industry adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, with 667 offices of independent member firms in 103 countries.
New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.
This is the highest global oil demand ever but it's also a large and growing fleet. What the tanker market needs most right now is more tankers engaged in floating storage facility.
This BIMCO COVID 19 weekly report for the week ending 3 December covers the World Health Organization (WHO), Argentina, Canada, France, Indonesia, Jamaica, Japan, Mauritius, Norway, Oman, Philippines, Portugal, Reunion Island, Saudi Arabia, Singapore, Spain, Sri Lanka, United Kingdom, UK P&I Club Global Crew Change Advice and the latest from the International Maritime Organization (IMO). Every week, BIMCO summarises measures imposed by governments for sea transport, including for crew change, as well as updates from United Nations bodies such as the IMO, WHO and International Labour Organization (ILO).
