US Seaborne Oil Exports at All-time High
Following a seasonal surge in December 2017, the US seaborne export of oil products (materials derived from crude oil) reached the highest annual level ever, in terms of volume and tonne miles demand. An increase in volume, combined with a marginal increase in the average sailing distance, caused the total annual tonne miles demand to surpass the previous high set in 2013.
Tanker Shipping: Is the Oil Market Rebalancing or Not?
The one key factor to watch is the one thing that’s impossible to measure accurately on a global scale, oil stocks. Global stocks for both crude oil and oil products rose significantly following the sharp fall in crude oil prices in the second half of 2014. But while this may seem to be in the past, it is still haunting the oil market and the oil tanker market.
BIMCO - Oil Product Tankers Earnings Decline as stockbuilding Slows Down
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016. The oil product tanker market has reached a net fleet growth of 4.3m DWT so far in 2016. That is well in line with BIMCO’s full estimate of 8.5m DWT for the full year 2016.
Stronger Tanker Markets Prolonged on Strong Fundamentals - BIMCO
Demand for crude oil and oil product tankers is currently strong and both segments are enjoying an extended winter season with high earnings. Spot market earnings in January for VLCC and Suezmax reached USD 70,000 and USD 65,000 per day at the peak respectively. For the product tankers, Handysizes peaked at USD 35,000 per day in Q4 before heading south as the other product tanker segments did in January…
U.S. Oil Traders Storing W.African Crude
Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.
Traders to Store W.African Crude in US Until Prices Recover
Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canadian's biggest oil company Suncor…
First Oil Shipment from Novoportovskoye Oil Field
In August 2014 the oil product tankers SCF Yenisei and SCF Pechora, operated by OAO Sovcomflot, have begun transporting the first oil from the Novoportovskoye Oilfield, located in the Gulf of Ob (Yamalo-Nenets Autonomous District). SCF Yenisei and SCF Pechora (deadweight approx. 47,000 tonnes each) are the largest vessels currently operating in this area of the Far North.
Protests Close Libya's Western Zawiya Oil Port
Libya's western Zawiya oil terminal has been closed by protesters preventing some oil product tankers from discharging, a government statement said on Friday. Local citizens demonstrating against the General National Council, the country's parliament, have blocked the entrance to the port preventing oil workers from entering. The connecting…
