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In April both crude and product tanker rates surged to record levels, despite the agreement reached between OPEC+ members to cut crude production by 9.7 million b/d in May/June and expectations that non-OPEC+ countries will contribute a further 5 million b/d in cutbacks. The weekly tanker market report by Gibson Shipbrokers.
As the shipping industry evolves by shifting towards the use of alternative fuels that will be more sustainable in the future, BIMCO publishes the first of many more supply terms addressing this issue. The LNG Bunker Terms are now available for use as a simple Annex B to the existing BIMCO Bunker Terms 2018.
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