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A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil production and demand sets in across the globe.
The upcoming winter season could be a very welcome time-out from sub-USD 10,000 per day markets for both crude and product tanker markets. BIMCO forecast that freight rates for VLCC will firm as the winter season
Robust scrapping activity has been one of the key features of the tanker market this year. Demolition has been particularly strong in the VLCCs sector: we have seen 32 tankers sold to the breaking yards so far in 2018 versus 11 units over the whole of 2017. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
It’s not unusual for newbuild crude tankers to carry clean cargoes on their maiden voyage. However, with the crude tanker market in a depressed state of late, charterers have sought to take advantage to secure competitive freight costs on product flows from East to West. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
The demand picture for oil tankers is steady – perhaps a bit too steady if you look at the freight rate movements for VLCC crude oil tankers and MR clean product tankers. This stands in contrast to the spikes that Suezmax owners have achieved during the first five months of 2012.
Delivered tonnage of crude oil tankers have grown by +37%, whereas total fleet demolitions for 2019 have slumped to the lowest in a decade with a reduction of 52% from the year before.
Even with the sulphur cap expected to give a boost to the tanker market, high fleet growth will put pressure on earnings.
Persistent weakness in Europe and the impact of Hurricane Sandy led to the International Energy Agency (IEA) cutting its global oil demand forecast for Q4-2012 down to 90.1 million barrels per day.
Demand. Lower growth rates for refinery throughput and drawdowns on swollen oil stocks has impacted the seaborne tanker market negatively. BIMCO expected this to happen...
