Sharp Upturn in Crude Oil Tanker Rates

MarineLink.com
Wednesday, November 13, 2013

Tanker operator’s hopes have been buoyed recently by a sharp upturn in crude tanker rates. Historically, tanker rates over the last two months of the year are the seasonally strongest, and this seems to be playing out this year, according to PIRA Energy Group's latest Market Recap.

VLCC rates have risen to the highest levels since November 2012, supported by the end of the Far East refinery maintenance period and record levels of Chinese imports. Western fixtures are also high in November as term contract formula prices for Saudi, Kuwaiti and other Mideast grades, which are indexed to U.S. domestic sour crudes, are more than $10.00 per barrel below those for shipments to Europe and Asia.

Brent crude prices likely to move back higher

PIRA Energy Group report that on the week, U.S. product stocks declined, while in Japan crude stocks jumped. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

Brent crude prices have moved into the lower half of their recent trading range but are likely to be poised to move back higher as refiners return from maintenance. U.S. Gulf crudes are currently weaker compared to Brent with building U.S. inventories but should improve relatively over the next month.

Atlantic Basin distillate cracks are firm and should strengthen further for another month with tight inventories in the Atlantic Basin in general despite large imports arriving into Europe. Gasoline cracks will stay seasonally weak. Refining margins in the U.S. are healthy with advantaged crude pricing but margins in Europe will stay thin.

http://www.pira.com/services/retainer-services

Source: PIRA Energy
 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MOL Expands Container Fleet

Mitsui O.S.K. Lines, Ltd. announced today that the company has signed a deal for construction of four 20,000 TEU containerships with Samsung Heavy Industries.

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

Contracts

Chassis Pools for Port of Long Beach

Three companies that own the vast majority of chassis serving the San Pedro Bay ports are on track to activate a “gray chassis fleet” of truck-trailers on March 1,

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Finance

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

Golden Ocean, Knightsbridge Set for Merger

Dry bulk shipping companies Golden Ocean Group Limited (GOGL) and the listed dry bulk shipping company in John Fredriksen's business empire Knightsbridge Shipping

Energy

Mitsubishi Bags Fourth LPG Carrier Order from Astomos

Tokyo-based Astomos Energy Corp has placed an order today with Mitsubishi Heavy Industries (MHI) for a very large liquefied petroleum gas (LPG) carrier.     The 83,

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Fuels & Lubes

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

News

MOL Expands Container Fleet

Mitsui O.S.K. Lines, Ltd. announced today that the company has signed a deal for construction of four 20,000 TEU containerships with Samsung Heavy Industries.

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2964 sec (3 req/sec)