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Tanker market report dated 26 April 2019

29 April 2019

So, here we go again - Trump, waivers and oil prices. It feels like déjà vu, except this time there are no waivers. The US administration recently announced they will no longer grant waivers to countries importing Iranian crude in a bid to block their exports. However, if the US administration wants to lower crude prices it will rely on others to compensate after the benchmark Brent closed at its highest level in six months to $74.51/bbl on the back of this news.  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 1 November 2019

11 November 2019

A few months ago it was reported that the construction of the 650,000 b/d Dangote refinery in Nigeria will not be completed until the end of 2020, a year later from the original plans due to problems importing steel and other equipment needed for the refinery. The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 5 July 2019

08 July 2019

The recent explosion at Philadelphia Energy Solutions’ (PES) 335,000 b/d Philly refinery has come at an opportune time for product tankers trading in the Atlantic, whilst the decision to permanently shut the facility will have longer term implications for product supplies into the US Atlantic Coast.  The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 22 February 2019

04 March 2019

After falling to $50/bbl in late December, Brent and heavy sour Oman crude prices have recovered to over $67/bbl. OPEC’s decision in December to cut production by almost 800,000 b/d for an initial period of six months seems to have had the desired effect of lifting flailing crude prices, which traded at $85/bbl in October. Although prices are still considerably lower compared to those recent highs, it is so far an encouraging sign. IEA numbers released last week showed a decrease in OPEC production of just under 1.2 million b/d from October levels, an overcut of almost 400,000 b/d due to over compliance from producers such as Saudi Arabia. When taking ‘non-OPEC’ production cuts into consideration, the total cut for January totalled over 1.3 million b/d.  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 14 June 2019

17 June 2019

With US sanctions on Iranian crude exports now in full flow, Iran’s oil revenues are in quick decline, with sources quoting that they are already lower than under previous sanctions in 2012. As such, the policy to choke Iran of exporting crude seems to have had the desired effect. However, attempting to track any Iranian vessel movements has become very challenging, with most tankers having AIS transponders completely switched off.  The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 23 August 2019

26 August 2019

In January 2019 the Trump administration announced tough sanctions against PDVSA, designed to halt US imports of Venezuelan crude. The US government also blocked access to its financial system for PDVSA transactions. Overall, sanctions have had the desired effect. Crude trade to US refineries came to a halt since February, down from approximately 0.5 million b/d in 2018. US also stopped exporting clean petroleum products (CPP) to Venezuela, most notably naphtha, used to dilute extra heavy grades to make synthetic crude for exports. Venezuela was largely unable to find a replacement for US clean products, with the volume of CPP imports into the country down by more than 50% compared to levels in 2018. The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 16 August 2019

19 August 2019

In recent months, the IEA has on many occasions expressed concerns about the health of the global economy. As such, it is unsurprising the latest downgrade by the international Monetary Fund of its outlook for global GDP growth in 2019 and 2020 prompted similar downward revisions to oil demand. This month the IEA has revised its expectations for growth in world oil consumption by 100,000 b/d, down to 1.1 million b/d in 2019 and 1.3 million b/d in 2020. Some trading houses are even more bearish, predicting just 800,000 b/d growth this year.  The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 11 January 2019

14 January 2019

It is fair to say the US crude exports have transformed the global oil markets since the crude export ban was lifted by Congress at the end of 2015. Crude exports have risen at a considerable rate, placing the US in the market as a major exporting player. Whilst OPEC have been busy cutting production, the Americans have been steadily increasing their market share. However, the question is; can production continue to rise at this pace?  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 20 December 2019

13 January 2020

This year started on a positive note for tankers. Healthy earnings were seen in early 2019 supported by strong demand at the time, weather factors and flat fleet growth, following robust demolition activity back in 2018. The weekly tanker market report by Gibson Shipbrokers.