BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. ( ASBA) on 25 June kicked off a project at the BIMCO House to develop a standard gas tanker voyage charter party, codenamed ASBAGASVOY.
This year, tanker shipping will not benefit from the usual strong winter seasonal effect. Though the new lockdowns being introduced in many countries are less strict than in the spring, the effect on tanker shipping will be worse, given the oil supply glut of Q2.
Geopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year.
BIMCO and the Association of Ship Brokers & Agents (U.S.A.), Inc. (ASBA) have approved a voyage charter party, ASBAGASVOY, for publication to serve the growing gas tanker industry. Work will now begin to revise ASBATANKVOY, one of the most used tanker charter parties in the world.
Since the beginning of last year less than 60 tankers over 25,000 dwt have been scrapped, roughly half of what was scrapped in 2018. In particular, just 4 VLCCs have been demolished over the period, compared to 38 in 2018. Weekly tanker market report by Gibson Shipbrokers.
Persistent weakness in Europe and the impact of Hurricane Sandy led to the International Energy Agency (IEA) cutting its global oil demand forecast for Q4-2012 down to 90.1 million barrels per day.
This year started on a positive note for tankers. Healthy earnings were seen in early 2019 supported by strong demand at the time, weather factors and flat fleet growth, following robust demolition activity back in 2018. The weekly tanker market report by Gibson Shipbrokers.
Demand. Lower growth rates for refinery throughput and drawdowns on swollen oil stocks has impacted the seaborne tanker market negatively. BIMCO expected this to happen...
The recent explosion at Philadelphia Energy Solutions’ (PES) 335,000 b/d Philly refinery has come at an opportune time for product tankers trading in the Atlantic, whilst the decision to permanently shut the facility will have longer term implications for product supplies into the US Atlantic Coast. The weekly tanker market report by Gibson Shipbrokers.
January struck an upbeat tone for demolition in all sectors, but the overall pace of fleet renewal, via demolition, has slowed down since then.
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