Tanker Shipping Market Overview & Outlook February 2024
29 February 2024Market strengthens despite slowing oil demand growth
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Market strengthens despite slowing oil demand growth
Capesize: Throughout the week, the capesize market experienced shifts in sentiment and activity.
Capesize: The Capesize market was unable to carry the rally from last week as rates were seen to dip sharply this week with the 5TC down 4901 to $19,875.
Capesize: The surge in Capesize rates abruptly flattened off this week as global markets continue to be highly volatile.
The European oil demand outlook is back in focus ahead of this winter, as continued macroeconomic developments cast a shadow over the region’s energy market. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The best performing port, in BIMCO’s Dry Bulk Terminals Vetting Report 2018, is Szczecin in Poland. The report collected input from 144 ships covering 381 terminals. A total of 97% of the reports were rated as average or better, which gave an average rating of 3.6 (out of five). The result is a marginal better than last year’s results.
Capesize: The Capesize market appeared to get caught up in the wider market rallies this week as geopolitical tensions run high, with the 5TC lifting $8635 over the week to settle at $22,195.
Last week the IEA published its Net Zero 2050 report, which lays out the steps the world needs to take in order to reach net zero emissions (NZE) by 2050. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Capesize: There was positive sentiment throughout the dry freight sector this past week, including Capesize, as traders returned from Lunar New Year holidays. Activity was clearly seen to be elevated as the Capesize 5TC rose +5095 over the week to close on a mild Friday at $15,397. The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry Indices.
Capesize: The Capesize Baltic index returned from year-end holidays this week and immediately saw activity coming from the usual West Australia iron ore flow. The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry Indices.