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Back in January 2023, the US Energy Information Administration (EIA) envisaged US crude production growing by 550kbd over the course of the year. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The end of last year was marked by a significant increase in attacks on ocean-going vessels in the Red Sea, with several prominent shipping companies announcing temporary pauses in their transits through the region. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The Panama Canal has received much attention recently as low water levels have led to both an increase in transit waiting days as well as the number of vessels waiting to cross. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Despite being a major crude exporter and home to significant refining capacity, Mexico has relied for many years on imports to meet its domestic fuel demand. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
After a rather disappointing period for most of the summer and autumn, US CPP exports to Europe may be poised to increase. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Last week, OPEC+ agreed to make production cuts of 2 mbd for the next 14 months from November 2022 to December 2023, representing a 2% reduction in global oil supply. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
This week, benchmark VLCC earnings (non-scrubber, non eco) surged to over $40,000/day after spending nearly 20 months with TCEs either negative or below fixed operating costs. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Over the past few years tanker owners have watched containership values surge to unbelievable levels, whilst their own values have struggled against a backdrop of weaker transportation fuel demand following the pandemic. However, gradually recovering oil consumption and the fallout of Russia’s aggression in Ukraine has propelled spot earnings and with that, secondhand values to levels not seen in over a decade. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Concerns about North Sea crude production are nothing new although, changing production and export trends are reshaping the traditional structure of the North Sea oil sector. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
On the 23rd of January the US president recognised Venezuela’s national assembly speaker Juan Guaido as interim president of the country and called Maduro’s government “illegitimate”. Soon afterwards, Washington announced tough sanctions against PDVSA, designed to halt US imports of Venezuelan crude. The government stopped short of placing an outright ban; instead, refiners will be able to continue to receive Venezuela’s crude until the 28th of April as long as payments are placed in to a blocked account. Sanctions have already caused chaos and confusion. Reuters reported earlier this week that over a dozen of tankers involved in oil trade with Venezuela were anchored in the US Gulf, as shippers seek clarity and payment instructions. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
