Oil supertankers brace for worst year since 2013 on OPEC cuts
OPEC's decision to slash crude output by 1.2 million barrels per day will hit VLCC earnings next year, project several analysts. As such, the supertankers could face the worst earnings year since 2013.
BY FIRAT KAYAKIRAN | BRIAN WINGFIELD, BLOOMBERG
Oil-hauling supertankers are bracing for the worst earnings year since 2013 as they become collateral damage in OPEC’s quest to trim a global glut of crude.
The European Community Shipowners’ Associations echoes the criticism from national associations regarding the Norwegian law proposal on seafarers’ pay and working conditions. The proposed law seems to overstep several international laws, according to the organization.
The Covid-19 pandemic and supply chain chaos have made Türkiye a more attractive site of production, prompting hectic activity for freight forwarders and carriers: ”Our customers are investing heavily in equipment,” says DFDS head to ShippingWatch.
Shippers and carriers are increasingly moving ships away from Californian ports, which are having problems with container pile-ups and looming strikes. This means that the title of busiest port in the US has moved eastward.