Shipping and logistics majors A.P. Moller-Maersk and Hapag-Lloyd have ordered their ships to bypass the Bab el-Mandeb Strait on Friday after attacks on their vessels. Maersk said its decision comes after a near-miss incident involving the Maersk Gibraltar on Thursday and another attack on a container vessel on Friday. An estimated 17,000 merchant ships cross through the Bab el-Mandeb Strait each year (equating to hundreds of vessels per day).
In evaluating the impact on tanker markets, we draw a parallel to our previous analysis highlighting a Suez Canal closure given that most vessels transiting the Suez also pass ...
Dangote Refinery Developments
Dec. 8, 2023
A Suezmax tanker carrying 950,000 barrels of Agbami crude from Nigeria has been reported en route to Lekki, the nearest land port to Dangote’s offshore crude receiving terminal. This marks the first crude feedstock for Nigeria’s 650k b/d Dangote refinery, a sign that fuel production at the new facility is finally starting to ramp up after years of delays. The crude distillation unit has been designed to process 12 crude grades at one time and has been engineered to process three Nigerian crude grades -- Escravos, Bonny Light and Forcados. Once fully operational, the plant will yield ...
Panama Canal Delays
Dec. 1, 2023
The Panama Canal has a capacity for 38-40 daily transits and has been operating at a total of 32 daily transits between the two docks. According to the Canal Authority, the daily transit rate will be cut to 24 for late November due to an ongoing drought. This will be reduced further to 22 in December, 20 in January 2024, and 18 starting Feb 1st, 2024. The Panama Canal Authority then announced on Monday, November 27th it will add extra slots allowing ships to pay big premiums to transit the Canal. The auctions allow vessels that have been waiting for ...
