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Russia-China dirty tanker trade soars 94% y/y after Ukraine invasion

28 April 2022

China is the world’s largest importer of crude oil and Russia is the second largest crude exporter. Much of the crude oil trade between the two countries, however, is piped and the short distance from Far East Russia to China also limits the impact on demand for crude oil tankers. Still, a change in the Russia to China dirty trade has the potential to impact tanker tonne miles demand as it could come at the expense of longer trade lanes.

Tanker market report 17 December 2021

20 December 2021

Although freight levels in some shipping sectors reached breath-taking highs this year, 2021 is a year to forget for tankers, particularly in the crude segment. The majority of crude tonnage (non-eco, non scrubber) was forced to operate at sub-zero levels for large parts of the year. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.

Tanker market report dated 21 September 2018

24 September 2018

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.

Tanker market report dated 29 June 2018

02 July 2018

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.

BIMCO floating storage clause for tankers: what to cover

28 April 2020

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.

Oil production and Chinese buying boost Brazil’s crude tanker exports 19%

14 February 2024

The reshaping of global crude tanker markets continued in 2023. In 2022, sanctions shifted Russia’s exports from Europe to Asia while OPEC production cuts in 2023 increased the Americas’ share of exports. Brazil’s oil production increased by 12% year-on-year in 2023 while crude tanker exports rose 19%.