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If Boris Johnson gets his way, the ever-impending event that is Brexit will soon be upon us. Little has been said about the impact on the wider international tanker market, with the UK being a relatively small piece of global tanker trade; however, Brexit will have an impact, most notably on regional trade between the UK and EU. The weekly tanker market report by Gibson Shipbrokers.
The so called 'War on Plastics' has been steadily gaining traction over the past few years, with major companies such as McDonald’s and Carlsberg, to name a few, seeking to reduce the presence of single use plastics in their businesses. The weekly tanker market report by Gibson Shipbrokers.
Global oil demand looks set to grow at a slower pace than first anticipated, many energy analysts have concluded. The weekly tanker market report by Gibson Shipbrokers.
Over the next 5 years, the global refinery landscape will continue to evolve, with the IEA projecting that over 9 million b/d of new capacity will be added, roughly twice the level of refined products demand growth over the same time period. The weekly tanker market report by Gibson Shipbrokers.
Many tanker market participants have placed significant faith that both fundamental developments and short term disruptive factors will push the products tanker market into an upcycle over the next few years. Much has been said about how new refining capacity in Asia, coupled with IMO2020 will create sizeable arbitrage opportunities from East to West, giving a substantial boost to the product tanker market. Whilst this view is certainly reasonable, the reality is not quite so simple. The weekly tanker market report by Gibson Shipbrokers.
During the first week of July, the well documented arrest of the 300,000 dwt ‘Grace 1’ by the British government caused tensions to spike between Iran and the West. Iranian retaliations to arrest a British flagged vessel, the Stena Impero, in the Straits of Hormuz have seen numerous statements calling for calm amidst the mayhem of political games. The current state of affairs has sparked tales of the Suez Crisis and the Gulf War, so why has there been minimal impact on freight rates and crude prices? The weekly tanker market report by Gibson Shipbrokers.
It is official. After weeks of speculation and some minor reshuffling in terms of meeting dates, in early July OPEC+ announced the extension of their production cuts for another nine months until the end of the 1st quarter of 2020. The weekly tanker market report by Gibson Shipbrokers.
Over the past few weeks, the West - East High Sulphur Fuel Oil (HSFO) arbitrage has firmed substantially from a fairly range bound $30/tonne to a bullish $46/tonne, briefly touching a four year high of $50/tonne last week. Several factors are behind this sudden widening. The weekly tanker market report by Gibson Shipbrokers.
In just a few weeks’ time OPEC and its allies will meet again to discuss the oil markets. The weekly tanker market report by Gibson Shipbrokers.
Historically, there has been a strong correlation between tanker spot and time charter rates, with period rates tracking (with some time lag) developments in the spot market. However, this year TC and spot values have moved in opposite directions. Spot earnings on benchmark trades gradually cooled over the course of this year, with returns in the clean tanker market reaching in July their lowest level this year. rude has performed somewhat better, but TCE returns have been weak nonetheless. In contrast, time charter rates have firmed, reaching in July their highest level since 2016/17. The biggest uplift has been seen in 1 and 3 year period assessements for eco VLCCs and LR2/Aframaxes. The weekly tanker market report by Gibson Shipbrokers.
