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Global oil demand is seasonal, with Q1 being the weakest season – again, leaving only upside for the remainder of the year.
In a year that is bound to be challenging for tankers, increasing focus will be on the different disruptions affecting the market and bringing about rate spikes
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
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.
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.
Even with the sulphur cap expected to give a boost to the tanker market, high fleet growth will put pressure on earnings.
The acceleration in VLCC demolition activity this year has frequently been in the headlines late. As more tankers head to the beaches, this gives shipowners some cause for optimism in the future, particularly taking into account the current depressing market. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. ( ASBA) on 25 June kicked off a project at the BIMCO House to develop a standard gas tanker voyage charter party, codenamed ASBAGASVOY.
