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Tanker investments these days are not a straightforward decision. A prospective buyer is faced with a combination of price pressure, regulatory uncertainties, long term demand concerns and limited near term yard availability, all of which are making ordering newbuild tankers a complex undertaking. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
For tankers, it feels like every other shipping sector has experienced some form of super cycle over the past 12-18 months. Whilst tanker owners witnessed record low earnings, rates in the container and LNG sectors soared to record highs. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The updated version 6 of the Q88 questionnaire is adding innovations to the data submission process and questionnaire layout, while also expanding its criteria to cover frequently requested safety and sustainability information.
During the first eight months of 2023, US dirty tanker export demand increased 33% year-on-year while the global dirty tanker exports increased only 5%. Measured in deadweight tonne miles, US exports now account for 14% of global dirty tanker demand.
The practice of charterers using oil tankers for floating storage is certainly not a new concept. What’s different with the current demand for storage is the huge number of ships being time chartered for floating storage purposes due to the collapse in oil prices, partly as a result of COVID-19. Therefore, BIMCO is receiving enquiries about “floating storage” clauses and questions about what additional wording owners should consider adding to their time charters.
Overall oil demand declined by 0.3 million barrels per day y-o-y in Q4-2011 as the global economy weakened and the winter season did not provide low enough temperatures to stimulate demand. As we have just left 2011 behind us, the final estimates for demand growth stay preliminary for the time being at 3% for product tankers
Global oil demand is seasonal, with Q1 being the weakest season – again, leaving only upside for the remainder of the year.
The latest VLCCs that have been reported as scrapped have joined a small, but up to recently growing number of tankers heading to recycling yards. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
New tanker ordering activity has been restricted in recent years, most notably back in 2016, when just 76 tankers over 25,000 dwt were ordered. The weekly tanker market report by Gibson Shipbrokers.
Demand: The dynamic nature of the product tanker market, where refinery locations, local market demand specifications and price arbitrage trades are constant moving objects, turn one main trade into a minor trade within a New York minute.
