APPEC: Oil Tank Market Ready to Deal Low Income for Another Year – Bikoko

An oil tanker appeared at sea outside the erto rto la cruz oil refinery in Venezuela July 19, 2018. Photo taken July 19, 2018./ File photo

SINGAPORE, Sept. 29 (Reuters) – The global oil tanker market will face another year of low incomes as cholera outbreaks and vaccine incompatibility disrupt demand and producers limit production, said a ship analyst.

Since the outbreak of the epidemic, oil revenues and the overcrowding of VLCs, with more than $ 240,000 in cash, have reached nearly $ 10,000 a day since 2020. Read more

Despite improved recovery and a reduction in some production, shipping rates are still on track, analysts say.

“We need to look at lower earnings for the next 12 months,” said Peter Sand, chief shipping analyst at BIMCO.

“Probably, in a bankruptcy region, the VLCC will make an average of less than $ 25,000 a day for next year or less.

New viral variations and epidemics in regions critical to fuel demand growth have increased demand growth.

Of course, before we can see a strong recovery, we need to control the epidemic.

“You’ve seen better days …”

Although demand for refined fuels such as petrol and gasoline returned last year in the first half of 2021 last year, demand for jet fuel remains stagnant.

“Since the first half of 2020, demand for jet fuel has really declined, and as we move forward, it is still a declining product,” BIMCO and Tradeviews said in a statement.

The APPEC conference is being held this year in an integrated format in person and online.

Report by Roslans; Edited by Clarence Fernandez

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