Suezmax fixing activity in the Black Sea has increased considerably this year largely due to higher production in Kazakhstan pushing barrels through the Caspian Pipeline Consortium (CPC) to Novorossiysk. Kazakhstan crude and condensate output has risen to over 1.7 million b/d in recent months, underpinned by a ramp up of operations at the massive Kashagan oilfield.
VLCC voyages from the Middle East to North America continue to decline this year, falling below 2016 levels and reducing TD1 earnings as pressure mounts from both sides of tanker fundamentals. On the supply side, OPEC’s efforts to rebalance global oil benchmarks has led to a reduction in Middle East crude volumes to the West as producers battle to retain market share in the East. From the demand side, rising crude supply in North America due to steady production gains in Canada and the US has reduced the reliance on imports from the Middle East. Vessels along this route ...
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