Seatrade Maritime News: Oil and tanker markets make operational response to coronavirus

17 February 2020:

With the spread of the coronavirus not yet believed to be at its peak, the oil and tanker shipping markets have responded to the outbreak with a number of operational changes, according to analyst Poten & Partners.

The analyst noted that high priced VLCC cargoes are lightered into cheaper vessels to avoid expensive demurrage bills, and cargoes are resold and vessels are diverted to other destinations.

β€œAt the same time, vessels are reducing their speed to save fuel. Refiners are dealing with reduced demand by cutting runs and advancing and expanding refinery maintenance,” Poten & Partners said in the latest tanker report.

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