Tag: Product
Diesel Trades to Dominate the Product Tanker Market
The product tanker is expected to be impacted by the lack of diesel supplies, after Russia’s decision to ban exports. In its latest weekly report, shipbroker Xclusiv Shipbrokers said that “the world’s oil refineries are unable to produce enough diesel, denying from economies the fuel they rely on to run their industries and transports and…
Product Tankers: Clean Product Exports from the Middle East and China on the Rise
The product tanker market hasn’t seen the benefits of increased Middle East clean product exports, rate-wise. In its latest weekly report, shipbroker Gibson said that “this year has seen a major increase in the Middle East clean product exports to Europe, with flows, mainly gasoil and jet, averaging at 0.82mbd for the year to date,…
Year-to-date product tanker newbuild contracting hits 10-year high
Newbuild contracting activity during the past five years has been low at about 5.46 million DWT per year. In addition, the product tanker order book hit a low of 9.67 million DWT in December 2022, the smallest order book since June 2001. Due to the low contracting of ships, the fleet has only grown at…
Product Tankers: What’s the Next Growth Story?
A new growth story is needed in the product tanker market, as ship owners reassess the next source of demand for the years to come. In its latest weekly report, shipbroker Gibson said that “for product tankers, much of the past decade’s investment was focused on changing dynamics in the global refining scene. In short,…
Contracting Of Product Tankers Jump 337% In The First Half Of 2023
The product tanker orderbook to fleet ratio has surged from 5.4% in December 2022 to 9.3% in June 2023, driven by a remarkable 337% y/y rise in contracting during the first half of this year. A spike in freight rates and product tanker demand is likely behind the surge in contracting. By June 2023, product…
