Since hitting rock bottom in February, the price of oil has gone back up. Specifically by 55 percent. A new analysis from SeaIntel looks at how this development will be reflected in the second quarter interim reports from container carriers.
When the oil price declines, the container shipowners experience decreased expenses for fuel or bunker. The low oil price has thus been a welcomed aid for shipowners under pressure from record-low freight rates, overcapacity, and dwindling demand. With an increase of 55 percent for the oil price, the container carriers can now expect additional costs totaling USD 920 million in the second quarter of the year, SeaIntel writes.
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