Showing 51 - 60 of 200
In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996.
Crude oil and product tanker markets alike have faced high volatility in recent weeks and months, largely due to geopolitics and the constantly evolving situation in the global oil markets.
Following a very welcome period of rate hikes due to the tough Winter in the northern hemisphere, the Spring is here now and the product tanker markets
2018 has been absolutely horrible for the crude oil tankers with freight rates and the fleet utilisation rate falling to a record low level.
For product tankers, much of the past decade’s investment was focused on changing dynamics in the global refining scene. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The tanker market is – even more so than before – all about geopolitics.
Tanker shipping was in many ways the odd one out of the shipping sectors in 2020; at the start of the pandemic, the market was strong, only to finish off the year in the doldrums, while the other sectors stayed profitable.
BIMCO expected newbuild activity to pick up, so the recent development is not surprising. It is however not what the industries needs. As the dry bulk -, crude oil - and oil product tanker shipping sectors are all struggling with very low freight rates, it is important that the recent development in contracting activity reflects a short-term trend.
Last year saw a notable increase in tanker demolition, recording the second highest number of tankers (above 25,000 dwt) scrapped since 2020 on the back of depressed industry earnings. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
