Tanker market report dated 22 February 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.


If you are a member, please login or register to view this page. If you are unsure of your membership, or wish to become a member, please contact membership@bimco.org.


in Copenhagen, DK

Stay up to date

Receive up to date market information on a number of topics, such as newbuilding and demolition reports as well as a weekly perspective in the Shipping Number of the Week newsletter.



Contracts & Clauses

All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.

Learn about your cargo

For general guidance and information on cargo-related queries.

More about cargo

BIMCO Publications

Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.