ShippingWatch

VLCC rates prevented from going up

The basic conditions for the VLCC tankers, for instance the transportation of the increasing amounts of oil, could justify higher freight rates. Yet the opposite seems to be the case, with the current rates at a lower level that in the first six months of 2012, according to new report by McQuilling.

The VLCC rates remain low in spite of a record high production of oil. In the United States, oil production in September was at 6.5 million barrels per day, the highest level since the late 1990s. According to a new rapport by McQuilling Services, the desire for American self-sufficiency in oil production will not be met anytime soon, which means the market should be big enough for the VLCC’s.

“In the backdrop of this development, there have been discussions about the US becoming the world's largest crude oil producer by 2020, which are reinforcing the elusive dream of energy independence.  In line with this, during the first nine months of 2012, total crude oil imports have declined by 3% compared to 2011,” says the McQuilling report.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Researcher criticizes TotalEnergies' fuel report

TotalEnergies ignores shipping’s climate adaptions in the company’s prognosis for shipping’s future fuel consumption, researcher says in criticism. Among other things, TotalEnergies supports LNG.

OOCL doubles revenue despite significant drop in volumes

Container line OOCL, owned by China’s Cosco, doubled its revenue in 2021, with the top line for Q4 alone surging by 101.4 percent, the carrier says. This major increase happens despite a dive in container liftings during the quarter.

Maersk Product Tankers expects 2022 to be "not an amazing year"

There’s no doubt that 2021 was a miserable year for the global tanker industry. But 2022 could end up strong, many parties say. Maersk Product Tankers is more doubtful. ”2022 won’t be an amazing year,” CEO Christian M. Ingerslev tells ShippingWatch.

Related articles

Latest news

See all jobs