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Tanker market report dated 2 November 2018

02 November 2018

Sanctions are back. From Monday any company trading Iranian crude faces being cut out of the US financial system. The Trump Administration has stated its aim is to reduce Iranian shipments to zero, although few expect this to actually be the case. The Administration appears to have softened its stance, perhaps realising that zero exports are both unrealistic, and potentially economically damaging in terms of oil prices. This morning Bloomberg has reported that waivers are likely to be granted to eight countries, with the official confirmation expected early next week. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 26 July 2019

29 July 2019

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.

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 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 28 June 2019

02 July 2019

2019 so far has proved to be a year dominated by geopolitical events. The US Administration has placed sanctions on both Iran and Venezuela in a bid to reduce crude exports to zero. Tanker sabotage and disruption in the Middle East Gulf has pushed insurance premiums up and led to some shipowners to avoid the region. Potential disruptions to Libyan supply remain. The US-China trade war has threatened to generate an economic slowdown, adding further market uncertainty. Crude prices have ebbed and flowed, touching highs of $74.57/bbl in April and lows of $54.91/bbl in January as both supply, demand and geopolitical signals vie for supremacy.  The weekly tanker market report by Gibson Shipbrokers.