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McQuilling Services Commercial Director, David Saginaw, Presents at Interanko

May 8, 2014

(New York – 8 May 2014) – McQuilling Services commercial director Mr. David Saginaw presented a tanker market outlook at the INTERTANKO Council Meeting on Wednesday, 7 May, 2014 prior to the start of the New York 2014 INTERTANKO General Session on Wednesday.  This year’s INTERTANKO theme is: Sustainability – Moving the Story On. 

Mr. Saginaw spoke for about 30 minutes to the council, comprised of leading international tanker owners and operators, on the main features of the tanker market today and implications for the future.  The global economy appears to finally be on the road to a solid expansionary phase, driven now in a large part by advanced economies.  A manufacturing renaissance in the US coming from dramatic oil and gas production increases from shale places the US in the lead of this recovery.  In the tanker markets, sustained ordering of new vessels and lackluster scrapping volumes are pushing fleet growth well beyond moderate increases in tonnage demand, threatening to exclude the tanker market from participating in this recovery.  This is particularly true in the product carrier segment. 

The McQuilling Services INTERTANKO presentation entitled: “The Changing Calculus of the Tanker Market: The Evolving Study of the Global Marine Transport System for Crude Oil & Refined Products” can be downloaded on our complementary presentations page.