(c) Teekay Corporation
Teekay’s Manager of Research, Christian Waldegrave notes that following the past few months of weakness within the crude tanker market as a result of refinery maintenance and a decrease in OPEC production, there is a light at the end of the tunnel as oil refineries come back on line and as China builds their stockpiles with record oil imports.
This increase will also be supported by an increase in long-haul tanker traffic between west Africa and China, which is expected to be the highest of all time next month. This will in turn boost the Suezmax market notes Waldegrave.
Watch Christian Waldegrave’s full report here:
Into 2014, Waldegrave sees continued improvement as the orderbook for crude tankers thins out, particularly in the Aframax and Suezmax sectors.
The following graphs are courtesy of Teekay:
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
The Romanian military blew up a maritime drone that was endangering navigation in the Black Sea, the Ministry of National Defence said on Wednesday, amid rising concerns about risks to shipping in the area linked to the war in Ukraine.
Norsepower and Idemitsu Tanker Co., Ltd. have partnered to equip two Very Large Crude Carriers with advanced wind-assisted propulsion technology, marking the first time the world’s largest crude oil tankers...
As the global shipping industry navigates the complex path toward decarbonization, methanol is emerging as a practical alternative fuel option, supported by growing investment and established infrastructure. However, significant economic...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
