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As the oil market contends with growing supply tightness until at least the end of 2023, macroeconomic headwinds are also at play. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The long-awaited massive 650kbd Dangote refinery in Nigeria was inagurated in late May, following years of delays caused by logistical problems and pandemic related disruptions. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
North Sea Brent, the main global benchmark for crude oil pricing is moving with the times to reflect new market realities. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Whilst 2022 ended with a fanfare, there is now a quieter feel for tanker markets as we step into 2023. The first Baltic Exchange assessments this week showed some notable red on TCE earnings relative to the values recorded in late December, particularly for crude tonnage. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
After a rather disappointing period for most of the summer and autumn, US CPP exports to Europe may be poised to increase. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The European Union’s (EU) decision to prohibit Russian crude and refined products imports into the bloc came as little surprise to the market. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
On the 23rd of January the US president recognised Venezuela’s national assembly speaker Juan Guaido as interim president of the country and called Maduro’s government “illegitimate”. Soon afterwards, Washington announced tough sanctions against PDVSA, designed to halt US imports of Venezuelan crude. The government stopped short of placing an outright ban; instead, refiners will be able to continue to receive Venezuela’s crude until the 28th of April as long as payments are placed in to a blocked account. Sanctions have already caused chaos and confusion. Reuters reported earlier this week that over a dozen of tankers involved in oil trade with Venezuela were anchored in the US Gulf, as shippers seek clarity and payment instructions. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
