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The Philippine government has decided to tighten security regarding entry of certain nationalities into the Philippines.
This is the highest global oil demand ever but it's also a large and growing fleet. What the tanker market needs most right now is more tankers engaged in floating storage facility.
Demand for crude oil and oil product tankers is currently strong and both segments are enjoying an extended winter season with high earnings.
Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market. However, like other soon-to-arrive recoveries, the waiting time tends to increase as we approach the expected tipping point. This time around, global refinery throughput started the year strongly but entered a still running soft patch in May, high volumes but shorter hauls out of the US Gulf, and the steady inflow of new ships were part of the cocktail that prevented freight rates from taking off big time.
