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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.
Tonne mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020.
This year, tanker shipping will not benefit from the usual strong winter seasonal effect. Though the new lockdowns being introduced in many countries are less strict than in the spring, the effect on tanker shipping will be worse, given the oil supply glut of Q2.
The Danish Government is taking new measures against Covid-19. Until 27 March, all public servants in non-critical jobs have been sent home, all educational institutions, schools and day care facilities are closed, and indoor gatherings have been limited to 100 people. Furthermore, the government has urged all private companies to have as many people as possible working from home, among other things, to slow down the spread of the virus.
It seems that it is back to school for the newbuilding market indeed, with recently surfacing orders confirming healthy appetite for new-built vessels for a second week in a row. The weekly newbuilding report by Intermodal Research & Valuations feature, include newbuilding prices for dry bulk-, tanker- and gas shipping segments. Additionally, recent newbuilding orders are listed by units, type, size, yard, expected delivery date and price.
On 4 June BIMCO, together with ICS, IMCA, ITF and OCIMF, had arranged a symposium about piracy in the Gulf of Guinea. The symposium came to the conclusion that the Nigerian piracy problem occurs in a small area and can be solved if Nigeria wants it.
It's back to school for the newbuilding market that has seen a generous number of deals reported during the past days, with the distinctive lack of tanker orders persisting. The weekly newbuilding report by Intermodal Research & Valuations feature, include newbuilding prices for dry bulk-, tanker- and gas shipping segments. Additionally, recent newbuilding orders are listed by units, type, size, yard, expected delivery date and price.
BIMCO has appointed Rasmus Nord Jørgensen as its new Director of Communications to develop the organisation’s communication strategy and increase BIMCO’s media profile.
The poor freight rate performance on the main trading lanes took us by surprise – even with our modestly positive outlook, the peak season was set to be