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Thoughts on Decarbonization and Greenhouse Gas Reduction

Jan. 29, 2021

The International Maritime Organization (IMO) is calling for a 40% CO2 intensity reduction by 2030 and a 50% Greenhouse Gas (GHG) reduction by 2050 and we are seeing owners, charterers and other industry players initiating company-specific governance policies and analyzing investment initiatives into new engine designs and other technologies to meet IMO targets. 

In 2011, the IMO agreed on a design standard known as Energy Efficiency Design Index (EEDI) to apply to new ships built from 2013 onwards.  The baseline is the average efficiency of ships built between 1999-2009, measured by gCO2/ton-mile.  Currently, the EEDI is in Phase 2 ...

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An Initial Finding from the Upcoming 2021-2025 Tanker Market Outlook

Jan. 22, 2021

As with every year, we are preparing to publish our annual Tanker Market Outlook (TMO), a comprehensive report that includes deep analysis of tanker market fundamentals as well as our forecasts regarding freight rates, tanker demand and supply, as well as asset prices and time charter rates .  For this week’s highlight, we will examine some of the key themes in the crude tanker segment from the upcoming report.

Global oil demand it is estimated to have fallen by 8.8 million b/d in 2020, thanks for the most part to the COVID-19 pandemic and the destruction of demand ...

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Thoughts on European Crude Supply

Jan. 15, 2021

We recently saw the news coming out of Norway regarding the plans to increase its oil, gas and condensate production by 19% to 2.38 million b/d by 2024.  For 2020, the country announced its total production reached 2.0 million b/d, a sharp 15% increase from 2019 levels despite production cuts in the second half of the year offsetting the exciting ramp-up from the Johan Sverdrup field. With this in mind, we wanted to take a look at crude oil supply from the European continent and its implications for the short-term.

We are used to seeing numerous ...

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The Saudi Pledge

Jan. 8, 2021

Perhaps the most interesting, in terms of the oil and tanker markets, piece of news this week has been the result of the latest OPEC+ meeting in which Saudi Arabia pledged to reduce its own crude oil output by 1 million b/d for the months of February and March.  At the same time, the organization and its allies decided to allow a 75,000 b/d production increase for Russia and Kazakhstan (cumulative) for the same time period.  This was a surprise move by the Kingdom that signaled that it is more concerned with maintaining the current rally in ...

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