Upbeat crude oil tanker demolition goes against general trend
05 May 2017January struck an upbeat tone for demolition in all sectors, but the overall pace of fleet renewal, via demolition, has slowed down since then.
Showing 101 - 110 of 200
January struck an upbeat tone for demolition in all sectors, but the overall pace of fleet renewal, via demolition, has slowed down since then.
Geopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year.
For the past two decades, the tanker market has benefited from strong, near continuous growth in Chinese crude oil imports. Consistent refining capacity expansions and flat crude production have left Chinese oil companies with little choice but to boost imports, whilst prior to the pandemic, Chinese refiners were increasingly using their advanced and efficient facilities to boost product exports across Asia and beyond. However, just as the global energy landscape is moving towards a lower carbon future, so is China. So, what does this mean for tankers? Can Owners continue to rely on China to drive oil demand in the decade ahead or is Chinese oil demand close to peaking? The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The current strength in gas prices is having major ramifications for global energy markets. Record prices in Europe and Asia are forcing utility firms to look for alternative energy sources and have pushed some companies into bankruptcy. Many have been forced to burn more coal despite the environmental consequences, whilst oil-based fuels will also receive a demand boost in regions where oil fired power capacity still exists. With oil demand expected to find some support, could tankers finally receive the catalyst they have been longing for? The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
During the first eight months of 2023, contracting of product tanker newbuilds hit a 10-year high, reaching 140 ships and 10.72 million deadweight tonnes (DWT). The last time more than 10 million DWT were contracted from January through August was in 2013.
In early June the US Treasury department added several tankers to its Venezuela sanctions lists for allegedly lifting oil from the country between mid-February and late April this year. It does appear, however, that sanctions were applied only to the vessels in question, with limited broader legal exposure. Weekly tanker market report by Gibson Shipbrokers.
The closure of the Colonial pipeline which runs from the US Gulf to the US East Coast, has caused a spike in oil product tanker rates on trades to and from the region.
On 13 December, we kicked off the latest in a series of membership networks, the BIMCO Tanker Safety Network, with the aim to bring together tanker owners and operators for relevant and timely discussions about industry safety.
The oil market is notoriously linked to geopolitics. Most recently, the political situation in Venezuela creates turmoil in the region and particularly affects crude oil exports.
Our recommendation remains to balance your exposure to market by seeking a fixture in the time charter market.