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Tanker market report dated 6 December 2019

09 December 2019

The IEA has recently released its long-term view of the energy markets. The agency presented different scenarios and cautioned that its outlook does not provide a forecast of what will happen; instead it offers several scenarios that explore different possible futures, depending on certain assumptions at government, industry and consumer level. The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 15 February 2019

18 February 2019

2019 has already started out as a busy year in terms of tanker ordering activity with VLCCs and MRs once again appearing to be in vogue. So far this year, at least 12 VLCCs and 11 MRs have been contracted. Both asset classes also received the most interest in 2018, with 42 and 49 units being ordered respectively. Now, the question is, was the start of 2019 just a blip or a sign of things to come?  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 1 February 2019

04 February 2019

In 2010 Libyan oil production topped 1.6 million b/d, 9 years on and crude output since has struggled to come close to sustaining anywhere near that. In 2018, it seemed like progress had been made and looked promising with production averaging almost 1 million b/d, showing signs of a potential road to recovery. With the country effectively split in two and rebel groups holding significant power - both in the east and west - oil facilities have at times been used as monetary and political bargaining tools for different groups to appropriate power. The latest issue concerns the shutdown of Libya’s largest oilfield, El Sharara, which can produce 340,000 b/d and has been offline since December. If Libya wants to fulfil its potential, protecting these oilfields from insurgents will be key. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 1 March 2019

04 March 2019

The US product export market has been transformed over the past decade. Exports of clean petroleum products (CPP) averaged 2.5 million b/d last year, up from just 0.8 million b/d in 2008. Rising trade has been underpinned by rapid growth in US crude production and refiners’ access to cheaper crude feedstock. Refining margins in the US Gulf have generally been stronger in recent years, compared to those seen in other regional markets.  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 8 February 2019

11 February 2019

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.