Demand for tankers is segmented along vessel classes by size and cargo type; however, there can be significant cross-over demand between segments. Tanker demand is a derived demand, driven by regional economic activity and increased energy consumption. The primary driver of tanker demand is the transportation of crude oil and residuals at 83% of the total call on tankers; however, we have observed a growing volume of refined products transported.
Crude and residuals transport totaled just over 9.5 trillion ton-miles in 2015, the second highest recorded ton-mile demand, trailing only 2012. Total demand growth is expected to decelerate in ...
Global Oil Supply and Demand at a Glance
Aug. 17, 2016
Global oil demand is expected to rise 1.4 million b/d to 95 million b/d in 2016, driven in part by increasing demand for LPG, naphtha, jet fuel/kerosene and gasoline. Global refinery capacity is due to reach 95.2 million b/d by the end of 2016, with the Far East accounting for 22% of the market share. India is poised to bring over 500,000 b/d of additional refining capacity to the market before the end of this year. In the West, Europe is forecast to shutdown 235,000 b/d of capacity in 2017 ...
Weekly Tanker Summary
Aug. 12, 2016
The following is an overview of tanker spot market activity for the week ending August 12, 2016
Activity increased in the Arabian Gulf week-on-week and rates rebounded slightly for both AG/East and AG/West as owners took advantage of charterers’ needs to take modern tonnage. An options cargo on the AG/East route fixed at WS 40, while cargoes, without options, stuck to older vessels and paid around WS 34-35. The TCE for an AG/US Gulf cargo followed by a Caribbean/Singapore cargo paid around $29,000/day while an AG/Japan cargo traded around US $21 ...
McQuilling Services Releases Mid-Year Tanker Market Outlook Update
Aug. 10, 2016
McQuilling Services recently released the 2016 Mid-Year Tanker Market Outlook Update, which provides a review of the January Tanker Market Outlook as well as an updated forecast for the balance of 2016 through 2020 based on market conditions in the first half of the year. Findings from the report can be found below.
Global oil demand in 2016 is expected to rise by 1.38 million b/d to over 95 million b/d, representing a 1.46% increase year-on-year, before decelerating in the balance of our five year outlook. Looking ahead, we expect global supply of crude ...