BIMCO Search Results

Tanker Shipping - Crude oil tankers buoyed by low supply growth, as winter season approaches

15 October 2014

The world seems to be awash with oil these days, to an extent that no geo-political tensions in the oil-rich producing nations can make us “scared enough” to hike oil prices. We seem to have become accustomed to a world where such tension is the norm. This is very good news for the world economy, as it brings down the cost of energy – despite a number of ongoing major conflicts and the challenges related to Ebola in West Africa.

Tanker Shipping - Crude oil tankers out-perform their oil product peers in a market full of surprises

15 August 2014

Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market. However, like other soon-to-arrive recoveries, the waiting time tends to increase as we approach the expected tipping point. This time around, global refinery throughput started the year strongly but entered a still running soft patch in May, high volumes but shorter hauls out of the US Gulf, and the steady inflow of new ships were part of the cocktail that prevented freight rates from taking off big time.

Tanker Shipping

14 April 2010

Floating storage is coming down on the narrowing of market contango, but persists in playing an important part in tanker demand

Libya getting back into tanker business

25 August 2011

Hope for resumed activity in the oil tanker business is growing as the rebellion in Libya appears to be near a conclusion. Tanker shipping has been hurt by the lack of cargoes out of Libya for half a year now. Oil majors and oil service companies are right now getting back to Libya to assess the conditions of the facilities. It is hoped that the oil production can restart soon, opening up for renewed fixing of tankers to lift Libyan oil exports. Without Libyan oil exports, there is no hope for improvements in the tanker rates in the Mediterranean.

Oil product tanker S&P activity down 45% as new reality unfolds

30 June 2020

Oil product tankers earnings have skyrocketed in the first half of 2020, while the Sale and Purchase (S&P) activity of the oil product tanker market has slowed to the lowest level since 2016.

Tanker Shipping - tanker demand in the US is in focus

11 April 2013

The tanker market is doing full steam ahead – not in relation to demand, earnings or actual operating speed, but in relation to structural demand changes in the West.

Tanker Shipping

27 October 2009

Looking for a seasonal pick up while suffering unsustainable rates. Demand: According to figures from the International Energy Agency, global oil demand peaked in 2007 and is forecast to have bottomed out in the second quarter of 2009.

Tanker Shipping - Few escape routes for the already stressed out tankers – Summer is unlikely to heat freight rates

22 June 2011

A fundamentally weak oil demand that is negatively affected by the high oil prices is hampering demand for both crude and product tanker tonnage. The weak demand is set to stay around according to IEA, which projects limited growth in 2011 of 1.5% against the 3.3% rebound growth in 2010.

Oil product tankers earnings decline as stockbuilding slows down

29 June 2016

BIMCO’s expectations remains as the oil product tanker fleet continues to grow, with earnings at the lowest since Q3 in 2014.

The average age of demolished crude oil tankers hits 21 – not much room left for demolition balancing the market!

22 May 2012

Crude oil tanker tonnage in the size range from Aframax to VLCC is now recycled at the age of just 21, a level not seen since 1995. The poor freight market now increasingly impacts the segment of more mature tankers, effectively reducing the room for more demolition to balance the market.