The massive decline in the crude oil price is in some ways good news for carriers, who will at least be able to save money on their biggest expense - bunker. The question the becomes whether the lower oil prices will make carriers speed up their container ships again, thus ditching slow-steaming, which has otherwise been a good tool in a time with low rates and far too many ships, says analysts Drewry in a new analysis.
In the past three years the price for a barrel of crude has been at a steady average of around USD 110 per barrel. But the price of oil has seen a constant decline since then, especially in recent months as the price has dropped significantly to currently around USD 85 per barrel, due to the booming US shale production, reduced global demand and financial unrest.
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