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Oil tankers experienced a tough start to 2017 as freight rates for all crude oil and oil product tankers continued their decline following the brief lift at year-end. For one, VLCCs may not yet have bottomed out. By 7 April 2017, average earnings stood at USD 18,853 per day, down from USD 63,284 per day on 16 December 2016.
As the lowest level of newbuild containership deliveries since 2004 was combined with record breaking scrapping levels, net inflow of capacity amounted to just 246,000 TEU – a growth rate of 1.2% - probably the lowest ever.
Australia and Indonesia, being the main exporters of coal to China, are growing their market share at the expense of longer haul exporters like the US and South Africa.
NYPE 2015 seminars to take place in USA, Canada, Switzerland and Italy in November.
Demand. Lower growth rates for refinery throughput and drawdowns on swollen oil stocks has impacted the seaborne tanker market negatively. BIMCO expected this to happen...