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Libya getting back into tanker business

25 August 2011

Hope for resumed activity in the oil tanker business is growing as the rebellion in Libya appears to be near a conclusion. Tanker shipping has been hurt by the lack of cargoes out of Libya for half a year now. Oil majors and oil service companies are right now getting back to Libya to assess the conditions of the facilities. It is hoped that the oil production can restart soon, opening up for renewed fixing of tankers to lift Libyan oil exports. Without Libyan oil exports, there is no hope for improvements in the tanker rates in the Mediterranean.

Tanker market report dated 1 February 2019

04 February 2019

In 2010 Libyan oil production topped 1.6 million b/d, 9 years on and crude output since has struggled to come close to sustaining anywhere near that. In 2018, it seemed like progress had been made and looked promising with production averaging almost 1 million b/d, showing signs of a potential road to recovery. With the country effectively split in two and rebel groups holding significant power - both in the east and west - oil facilities have at times been used as monetary and political bargaining tools for different groups to appropriate power. The latest issue concerns the shutdown of Libya’s largest oilfield, El Sharara, which can produce 340,000 b/d and has been offline since December. If Libya wants to fulfil its potential, protecting these oilfields from insurgents will be key. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 28 June 2019

02 July 2019

2019 so far has proved to be a year dominated by geopolitical events. The US Administration has placed sanctions on both Iran and Venezuela in a bid to reduce crude exports to zero. Tanker sabotage and disruption in the Middle East Gulf has pushed insurance premiums up and led to some shipowners to avoid the region. Potential disruptions to Libyan supply remain. The US-China trade war has threatened to generate an economic slowdown, adding further market uncertainty. Crude prices have ebbed and flowed, touching highs of $74.57/bbl in April and lows of $54.91/bbl in January as both supply, demand and geopolitical signals vie for supremacy.  The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 12 June 2020

15 June 2020

Libya’s National Oil Corporation (NOC) announced earlier this week that production at the Al-Feel oilfield has restarted, with an initial output of 12k b/d, increasing to full capacity of 70k b/d within two weeks.  Weekly tanker market report by Gibson Shipbrokers.