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Capesize: The Pacific market started with a positive outlook, maintaining healthy cargo volumes driven by substantial coal shipments from East Coast Australia to the Far East. Rates initially increased, but as the week progressed, a notable shift occurred. Owners began contemplating ballasting towards the Atlantic, creating additional pressure in the Pacific market.
VLCC earnings have been remarkably strong over the past few months despite the prospect of OPEC+ production cuts which are largely focused on the Middle East. With cuts planned, next year will also coincide with increases in regional refining runs, the fundamentals suggest earnings will ease into 2023. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
One key end-user market for clean ammonia is the shipping industry. Yara Clean Ammonia (YCA) together with other first movers are investing in clean ammonia shipping related projects and looking to begin bunkering operations from 2025-2026 onwards. Learn more about obstacles, pitfalls and opportunities and ask your questions when Natalie Gupta, Director Bunkering Value Chain Partnerships at Yara Clean Ammonia will share her insight at this 15+15 webinar.
The closure of the Colonial pipeline which runs from the US Gulf to the US East Coast, has caused a spike in oil product tanker rates on trades to and from the region.
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