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Take a look below at our Shipbrokers’ Weekly Market Reports for Week 28 of 2019 (listed alphabetically):
08th July – 12th July 2019 | Week 28
Having entered into the second half of the year, all eyes (on the MR segment) have turned towards the refineries and the anticipation that they will further boost their upcoming production for low sulfur products in order to be ready for the upcoming IMO 2020 regulation.
Demand figures have already started to reflect the prospects that were being expressed earlier on in the year, with key players such as China posting significant increases in their trade. According to official sources, the Asian giant exported 5.43 million MT of oil products during June, rising by around 13.5% compared to last…..
Source: Allied ShipBroking
Week 28 | 12th July 2019
Are Cuts Bad for Business?
It is official. After weeks of speculation and some minor reshuffling in terms of meeting dates, in early July OPEC+ announced the extension of their production cuts for another nine months until the end of the 1st quarter of 2020. On its own and keeping everything else equal, OPEC output cuts, particularly those coming out of the Middle East, are bad news for the crude tanker market, most notably for VLCCs. In the 4th quarter of last year, nearly 68% of all spot VLCC trade originated out of the Middle East Gulf and Red Sea, compared to 14% out of West Africa and nearly 15% out of the US Gulf and Latin America. According to the IEA, between November 2018 and March 2019, Middle East OPEC crude…..
WEEK 28 (05th July to 12th July 2018)
Following the sale of M/V “Euro Fortune” 177/2005 Mitsui, Japan at region USD 14,5 mill two weeks ago, Messrs Cobelfret have committed their Capesize “Lowlands Phoenix” 177/2004 Namura & Sasebo, Japan (SS/DD 11/2019) to Chinese buyers for a price of USD 13,2 mill, while the quite younger M/V “Global Mercator” 182/2011 Universal, Japan (DD 04/2021) has gone from Nissen Kaiun KK to Greek buyers Samos Steamship for USD 26,2 mill.
Mini Capesize “Evelyn Schulte” 115/2012 Shanghai Jiangnan, China (DD 07/2020) was sold to German buyers Oldendorff, with Thomas Schulte…..
Source: Advanced Shipping & Trading S.A.
WEEK 28 | Tuesday 16th July 2019
The Strait of Hormuz is one of the most important waterways in the world,
connecting crude producers in the Middle East with key markets in the rest
of the world. It also plays an essential role for the Asian economies that are
dependent on oil imports from the Middle East. Even when considering that
the daily flows of oil through the channel account for around 30 percent of
all petroleum products, the Middle East has never been entirely safe. The
recent tanker attacks have brought even bigger…..