Tradewinds: Brexit Could be Positive for Product Tankers: Poten

27 June 2016: ” The UK’s decision to leave the European Union (EU) could have a positive impact on the tanker market, particularly product tankers, says Poten. ‘”One area where Brexit could have an impact on the tanker market is the movement of oil products between the UK and EU countries,’ the US shipbroker said. “In contrast, says Poten, clean petroleum products, in particular gasoline and diesel, have gradually become a larger portion of UK exports. ‘”Looking at the total picture and highlighting the importance of the EU as a trading partner, in 2015 the UK sent about 66% of its crude oil and petroleum product exports to countries in the EU, with only 34% going to other countries,’ the US shipbroker said. ‘”Given the short-haul nature of the UK – EU crude oil and product trades, any changes in trade-flows as a result of Brexit could be positive for ton-mile demand, in particular for product carriers,’ Poten concluded. “In terms of the wider impact of Brexit, Poten says the short answer is that ‘nobody knows’. “Poten says the potential sale of the Baltic Exchange to the Singapore Exchange and the sale of Royal Bank of Scotland’s (RBS) shipping portfolio could be construed as evidence of this.”