Crude oil tonne miles out of the Gulf of Guinea down 5.9% so far in 2022

Gulf of Guinea crude oil exports have year-to-date contributed 13.7% of VLCC’s tonne miles demand and 16.5% of Suezmaxes. A 13.5% y/y drop in Nigerian year-to-date crude oil output has been the main drain on demand and caused a 5.9% decline in tonne miles. A further decline in Gulf of Guinea exports can be expected from mid-2023 when Nigeria’s Dangote refinery begins operation – requiring a sizeable portion of the country’s crude oil – and possibly add to rate volatility.

Tanker market report 26 January 2024

As Europe steps into spring having survived its first full winter without Russian diesel, the Continents fuel supply is once again disrupted. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.

Tanker market report 20 January 2023

With just two trading weeks left until the EU’s refined products embargo and G7 price cap come into effect, the clean tanker market is softer than many expected. It was largely expected that from mid-December onwards, product tanker freight rates from East of Suez and the US Gulf into Europe would find support from increased fixture activity as traders sought to place barrels into Europe for February delivery. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.

Angola, Luanda - Infrastructure

Tanker market report 7 May 2021

There is no doubt that the green revolution is underway and arguably Europe is its epicenter. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Papua New Guinea, Wewak - Trading and Shipping

Sweden, Nynaeshamn - Documents

Tanker market report dated 5 June 2020

Anyone who has worked in the tanker market for the last decade will be familiar with the story about the demise of old refineries in Europe in the face of stiff competition from newer, more efficient facilities in the East and the United States. Yet, in the last oil price crash (2014-2016), refineries in Europe had somewhat of a renaissance as lower prices boosted margins, and the story, which many product tanker owners used to beat the drum with investors, never fully materialised. Weekly tanker market report by Gibson Shipbrokers.

September head-haul volumes fall 15.5% y/y as liner landscape faces change

In September 2022, head-haul and regional export volumes were down 9.3% y/y according to Container Trade Statistics. Head-haul trades fell 15.5% whereas regional trades were down 0.7%. At the same time, volumes were 0.2% lower than in September 2019. The volume decline represented the first month since June 2020 to see lower volumes compared with the same month in 2019 and could be a warning that laid up ships and further freight rate reductions are on the horizon.

Demand