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Industry Opinions


LR … 2 Sides to the Story
December 19, 2014
Does it make sense to switch from clean to dirty?

While comparing the current TCE earnings for an LR2 moving naphtha on an Arabian Gulf - Far East voyage with the earnings for an Aframax trading crude from the Arabian Gulf to South East Asia, you will notice that there is a significant differential: $33,400/day for a ‘dirty’ voyage versus $24,500/day for a ‘clean’ trip. Based on this discrepancy, one would expect every owner of LR2s to switch their vessels into the crude trade. However, this does not happen to the extend you expect. Why is that?
Panamaxes Cleaning Up Their Act
December 12, 2014
Is there still a future for dirty Panamax tankers?

Panamax trades have been changing in the last 10-15 years as more and more of the fleet is coated and capable of trading refined products. Over time, the uncoated Panamax fleet has become a minority. This week we will take a look what the future might hold for the vessels still trading “on the dark side”.
The Bottom of the Barrel?
December 05, 2014
How will lower oil prices impact tanker demand?

Despite several months of sliding oil prices, OPEC decided not to change their oil production quotas last week. This likely means that oil supply will be plentiful and prices will remain under pressure. Question is: What does this mean for tanker demand?
Fuel Efficiency Saves The Day Rate
November 26, 2014

Do new, fuel efficient vessels still make sense in lower bunker price environments?

Everyone in the tanker industry is aware of the recent drop in crude oil prices and the decline in bunker fuel prices that followed. Bunker fuel is the single most expensive cost in operating tankers, so this is a welcome relief for ship owners.

West AfriCAN Go East
November 21, 2014
Where is all the West African Crude going?

Until the shale oil revolution in the United States, the West Africa to the U.S. trade route was one of the benchmark tanker trades. In recent times, however, almost no West African crude moves to the U.S. As the producers in Nigeria and Angola have not cut production, to whom do they sell their crude oil now?
It’s The Supply Side, Stupid!
November 14, 2014
Limited fleet growth has been a key factor in the tanker market recovery

During Bill Clinton’s successful 1992 presidential campaign, his strategist James Carville coined the phrase “It’s the economy, stupid”. It was a clever slogan to focus the American voters on the then-prevailing recession in the U.S. In the commodity shipping markets, any explanation regarding movements in rates and prices almost always includes a strong supply element – which is no different this time around.
Shipowners Pleased With Energy East
November 07, 2014
The proposed Energy East Pipeline will be a game-changer for Canadian oil producers and tanker owners

On October 30, 2014 TransCanada filed a formal application for the Energy East Pipeline Project with the Canadian National Energy Board. How will this 1.1 million barrels per day (b/d) pipeline impact the tanker market when it is completed?
Asian Oil Demand - Trick or Treat?
October 31, 2014
Oil demand in China and India is expected to remain resilient
Happy Halloween! To the tanker market, nothing could be scarier than a slowdown in Asian oil demand, which is exactly what the mainstream press has been writing about in recent days. A decline in oil headed East is frequently quoted as one of the contributing factors driving the fall in oil prices, but does the data support this assertion?
What’s Cooking in the Palm Oil Trade?
October 24, 2014
Will the palm oil trade continue to be a source of employment for newbuilding MRs?
Since 2000, palm oil exports have increased from 16.6 million metric tons (MT) to an estimated 44.6 million MT in 2014 – an impressive compound annual growth rate of 7.3%. Supply and demand developments in this trade point to continued growth until at least 2020.
Condensates to the Rescue?
October 17, 2014
Will growing U.S. condensate exports provide a boost to the Aframax tanker segment?

In June of this year two American companies, Enterprise Product Partners and Pioneer Natural Resources, received permission to export slightly treated condensates from the United States. Since then American oil producers and shipowners alike have become excited about the potential of a significant new export trade out of the United States. Will this be the opportunity that tanker owners have been waiting for?
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