Closures of older refineries will contribute to growth in the product tanker market. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. Short, timely articles with graphics on energy, facts, issues, and trends. Regional energy information including dashboards, maps, data, and analyses. Freight Derivatives. As onshore inventories increased, market participants turned to using oil tankers to store oil, which is typically more expensive than onshore storage. With our broad and diverse global partnerships is able to develop marine transportation solutions, whatever their size or complexity, from conception to completion. Daily dry bulk fixtures and a historical database of transactions. ... That’s down from a ceiling of 3.5% in most parts of the world today. Robert Uggla's personal company a few days ago took over ownership of close to one-fifth of Maersk Tankers, which has till now been owned 100 percent by the family's APM Holding. Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a … Short-term, Q1 is set to deliver solid rates, which means anything above $40,000 a day,” Sand told Splash today. Try ShippingWatch or get an offer for a subscription meeting the exact needs of you or your company. In 2020, Odfjell likely surpassed one billion dollars in revenue and doubled its operating result to USD 125-130 million. Norway's Odfjell buckles into the green transition with a new bond loan of between NOK 0.5 and 1 billion, which is linked to the tanker company reducing its carbon intensity by 50 percent ahead of 2030. In an unusual year characterized by the coronavirus pandemic, other big stories were the red-hot container market, Søren Toft's start at MSC and a large-scale reorganization at Maersk. Tanker rates from the Arabian Gulf to Japan, one of the key global tanker routes, spiked in mid-March 2020 and remained elevated through mid-May. Energy use in homes, commercial buildings, manufacturing, and transportation. The daily rate for chartering an oil tanker from Saudi Arabia to China has plunged by over 50 percent in one week to $100,000 as OPEC+ begins on … Tanker operator Ultraship will digitalize its route planning and monitoring processes with an agreement with Wärtsilä to make its operations more efficient and to cut costs for the company's 18 LPG tanker vessels. Iran has seized a South Korean-flagged tanker, used to carry oil products and chemicals, in its territorial waters, citing "repeated violations of marine environmental laws.". Hafnia was set to transport some of the product to Asia. In recent years, the shipping company has bought new ships and increased its workforce by almost 100 people, executives tell ShippingWatch. Management noted that its three-week average rate is already up to $28,200 per day, and it priced a 55-day voyage at $72,000 per day just last week. The rates recently peaked at USD 110,000 per day, but now a series of factors will pull them down, says the firm. He becomes the gas tanker operator's third CEO in 10 months. A mine was found on a tanker ship off the coast of Iraq. Suezmax owners’ earnings have surged by more than 350% on average worldwide since the beginning of September. A planned large-scale US-based methanol facility, which has tanker operator Hafnia as a co-investor, has been rejected by environmental authorities. Nevertheless, tanker rates will continue to run counter to intuition, as the cycle will play in reverse once a recovery in oil demand follows an eventual easing of coronavirus-induced travel restrictions, Hammer said. Spot rates have more than tripled within the past month. With new coronavirus lockdowns and output cuts at OPEC+, the next six months could take a toll on tanker operators' earnings. Tanker companies reporting this week did indeed announce heightened charter coverage, as would be expected given record spot rates over recent months. One of the reasons rates were so low in 2018 -- which had Teekay, Nordic American, Frontline, and Scorpio Tankers all reporting losses -- was an oversupply in the tanker market. ClipperData’s estimates of crude oil in floating storage include tankers that were loaded at a crude oil export facility and have been anchored or have been drifting slowly for at least seven days in an offshore area where idle ships tend to congregate. Tanker rates from the Arabian Gulf to Japan, one of the key global tanker routes, spiked in mid-March 2020 and remained elevated through mid-May. Tags: Maps, tools, and resources related to energy disruptions and infrastructure. Sign up for email subcriptions to receive messages about specific EIA products. Greenhouse gas data, voluntary reporting, electric power plant emissions. Analyst is skeptical. Tanker operator Alba Tankers, which was created out of OW Bunker's dramatic collapse, has added millions of dollars to its bottom line, shows annual report. "We have an optimistic view of the chemical tanker market in 2021, but we're not naive," CEO Kristian V. Mørch tells ShippingWatch. Come test out some of the products still in development and let us know what you think! The company has also received commitments on a USD 21 million loan to refinance debt. All the latest news on the tanker sector, crude, product and chemical tankers, LNG and LPG carriers, freight rates and fleet developments. A network of oil trading firms have now been sanctioned because it, according to the US authorities, has helped state-owned Venezuelan oil company PDVSA selling oil worth hundreds of millions of dollars. Spot rates for crude tankers are expected to be negatively impacted later this year and into 2021, though tanker supply fundamentals can offer a positive counterbalance, according to Teekay Tankers. ... who pointed out that tanker rates often soften in Q1. Copyright © ShippingWatch - All rights reserved, Alba Tankers has bought new ships and made USD 16 million in five years, Major bulk ships now earn more than five times more than supertankers, US blacklists oil traders and tankers for violating sanctions on Venezuela, Hafnia's US-based methanol plant is rejected by environmental authorities, Maersk Product Tankers divests the world's first ship equipped with rotor sails, Analyst firm sees record-high LPG rates soften, Analyst expects strain on earnings for Frontline, Hunter and Nordic American Tankers, Odfjell raises millions of dollars through sustainable bonds, Trøim-owned tanker and gas company sold in billion dollar transaction, Scorpio Tankers enters several sale-and-leaseback agreements, US crude exports did not result in the boost tanker carriers anticipated in 2020, Winter LNG boom creates most expensive cargo ships in history, Ultraship to digitalize its sailing through agreement with Wärtsilä, Scorpio Tankers projects new recovery for product tanker, Iran wants frozen funds released following seizure of South Korean tanker, Odfjell issues sustainable bonds for upwards of NOK 1 billion, Rates for the largest gas vessels surpass USD 100,000 per day, John Fredriksen appoints new CEO of Avance Gas, Robert Uggla takes over close to one fifth of Maersk Tankers from the family company, Odfjell is optimistic about chemical tanker in 2021 on the heels of the best result in 12 years, Iran seizes Korean oil-products tanker in the Persian Gulf, Here are five decisive things to keep an eye on in 2021, Arne Fredly sees many shipping companies as "pure fraud", This year's most read stories: Maersk and DB Schenker, Toft's new job, cyber attack, Seaspan brings in USD 200 million from sustainbility-linked bonds, A new motorized bow turns tugboats into icebreakers, Black Lives Matter stirred up a dilemma for the president of Hapag-Lloyd America, Kristian Siem loses ownership control of Siem Offshore, DB Schenker resumes freight to UK – DHL suspends some freight in the other direction, MSC fired warning shot to ward off presumed pirate attack, Borr Drilling raises millions after securing approval for rescue plan, V.Group replaces CEO of ship management unit, New NGO to enforce standards created by Rightship and Intercargo, Prosafe reaches deal with oil company after canceled contract, Maersk exec: "We have seafarers that are afraid of pirates – that shouldn't be the case in 2021", Maersk ship is latest example of remarkable container losses in the Pacific, Maersk is looking into the possibility of vaccinating its employees, This is Bourbon Offshore's strategy on how to emerge from the crisis, Politicians want dockworkers in LA and Long Beach moved up in vaccination queue, Maersk ship loses 750 containers in the Pacific, Joe Biden signs decree returning the US to the Paris agreement, Vattenfall plans to give retired German coal plant new life as hydrogen hub, Vineyard Wind's reapplication expected "very, very soon", Bourbon Offshore presents strategy on how to emerge from crisis, Nordea loses ESG specialist to Credit Suisse in sustainability overhaul, Former Skagen Fondene exec jumps aboard financial advisory firm, Northern Trust Asset Management launches climate aware emerging market index strategy, U.S. bonds taken off blacklist by USD 18 billion fund in Denmark, Nyt formodet piratangreb på et containerskib i Guineabugten, Norsk skibsværft lander aftale om brintprojekt, Mærsk-containerskib taber 750 containere under hårdt vejr, Analytiker: Toppen af den ekstreme ratebølge kan være nået. This applies to Frontline, Hunter Group and Nordic American Tankers, Cleaves Securities tells E24. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. Energy & Financial Markets: What Drives Crude Oil Prices? Subscribe to feeds for updates on EIA products including Today in Energy and What's New. Maersk Tankers saw a 28 percent improvement in pool partnership last year. Find out more. The Spike in Oil-Tanker Rates May Be Over, But a Boom Is Coming. He says that upwards of 80 percent of stock listed shipping companies are "pure fraud". In the October STEO, EIA forecasts that global petroleum liquids consumption through 2021 will remain lower than 2019 levels. A surge in tanker demand to serve as floating storage for the world’s growing oil glut is also expected to keep tanker rates elevated, the sources said. Find out more. EIA recently published a more detailed discussion of tanker storage rates in This Week in Petroleum. Financial market analysis and financial data for major energy companies. According to Clarksons Platou Securities, rates for very large crude carriers (VLCCs, tankers that carry 2 million barrels of crude oil) averaged $17,000 per day on Wednesday. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. Product tanker carrier Scorpio Tankers announces new commitments to sell vessels in order to lease them back again. International energy information, including overviews, rankings, data, and analyses. This is one among several reasons why the market, according to brokerage Simpson Spence Young, faces a challenging year in 2021. Cratering crude-tanker rates are now well below both breakeven levels and where they normally are at this time of year. News Everyone will be watching to see when the coronavirus vaccines start to really have an effect. Maersk's break from major German customer DB Schenker and the cyber attack on CMA CGM attracted the most readers on ShippingWatch in 2020. Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, State Energy Data System: Motor gasoline, aviation gasoline, and fuel ethanol through 2019, State Energy Portal: Updated Analyses and Quick Facts, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, Crude oil tanker rates are likely to remain low until global petroleum demand increases, U.S. sanctions on Chinese shipping firm COSCO. Estimates from ClipperData indicate that global crude oil floating storage increased this year from 66 million barrels on March 1 to 222 million barrels on July 9. 1,427 Capesize journeys in the first twenty days of the year. An unprecedented shortage of LNG tankers made charter rates last week soar to the highest level ever seen for a ship to ferry commodities. Uranium fuel, nuclear reactors, generation, spent fuel. Fixtures. Uni-Tankers will hunt for acquisitions in 2021 USTC-owned Unit-Tankers will lead the charge in a needed consolidation of small and medium-sized players in the tanker market. The world's largest product tanker operator, Scorpio Tankers, expects significant growth this year in the demand for refined oil products. Find out more. Independent market information for the dry, tanker, gas and asset markets. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. In September 2020, tanker rates on the Arabian Gulf-to-Japan route fell to $5.50 per metric ton, the lowest rate since 2003. Tanker charter rates for VLCC's moved lower this week and there was no change in rates for the other size groups - mostly below operating costs. The record-high rates in the LPG are set to slide, projects Clarksons Platou. With rates climbing over $70,000 per day for Suezmax ships, the tanker industry is experiencing a true boom. State energy information, including overviews, rankings, data, and analyses. ShippingWatch provides an overview. Don’t bet on the rout enduring. Tanker rates have declined since mid-May because global crude oil production and demand are now more balanced. But beyond this, there are several decisive issues to keep an eye on during the year, which could have a big impact on shipping, logistics and offshore. According to a security firm, it is unknown whether the mine was active, but the incident is the latest in line of tanker vessels being hit by similar events in the Red Sea. Reports requested by congress or otherwise deemed important. Rates in the tanker market tumbled recently because producers have been withholding millions of barrels of supply to counteract a collapse in demand that … Large dry bulk ships have in the past month seen earnings grow, surpassing more than USD 25,000 per day per ship. Many gas ship operators only need rates of USD 20,000 per day to cover their costs, but in the past month, rates have hovered steadily at around USD 100,000 per day. Reserves, production, prices, employment and productivity, distribution, stocks, imports and exports. BW LPG chief exec sees strong chances of this continuing a while into 2021. Norwegian shipping magnate Arne Fredly, who controls Hunter Group, among other businesses, calls it a "sad story" to be an equity investor in the shipping industry. This is more than five times what supertankers are currently making. U.S. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. However, dry cargo rates remained firm with Capesize fixtures continuing to lead the way and bulk carriers’ sales have not slowed down. Maps by energy source and topic, includes forecast maps. With the Sohmen-Pao family's BW Group as new majority owner, the shipping company gets completely new financial opportunities than is the case today. NAT shares gained 110% in 2H19, and have started 2020 with a … Exploration and reserves, storage, imports and exports, production, prices, sales. Crude oil exports from the US were supposed to drive the tanker market in 2020, but the end-result became something entirely different. Norwegian chemical tanker carrier Odfjell has just succeeded in issuing a new bond totaling USD 100 million for the company. Future demand for petroleum products remains highly uncertain as COVID-19 infection rates rise in a number of countries. Euronav has stockpiled 3m barrels of low sulphur fuel oil, giving it room to delay retrofits. Updated. In March and April 2020, reduced demand for crude oil and petroleum products in response to COVID-19 mitigation efforts led to a sharp increase in global crude oil inventories. The bond is conditioned on the shipping company complying with its sustainability targets. Teekay has developed from a regional shipping company into one of the world’s largest marine energy transportation, storage & production companies. Product tanker freight rates softened in the third quarter of 2019 but rebounded strongly at the start of the fourth quarter following an increase in crude tanker rates that began after the attacks on Saudi Arabian oil facilities and accelerated dramatically to multi-year high levels at the end of September when the US imposed sanctions on two subsidiaries of China's COSCO Shipping. Send your feedback to, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). Kristian Sørensen, CEO of shipbroker Fearnleys, switches to Avance Gas, which is controlled by Norwegian shipowner John Fredriksen. consumption/demand, liquid fuels, crude oil, oil/petroleum, Have a question, comment, or suggestion for a future article? Infrastructure company buys tanker operator Golar LNG Partners and gas company Hygo in billion dollar deal. Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources. With tanker rates across all sectors currently at levels well above long-term averages, it is impressive to note the rally in Suezmax rates over the past three months. Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data. Sellers include Norwegian investor Tor Olav Trøim. The drop in global oil demand and the increased need for floating storage occurred at a time when global crude oil production (specifically from members of the Organization of the Petroleum Exporting Countries, or OPEC) and demand for crude oil tankers was high, driving up tanker rates. Crude oil production cuts from OPEC and partner countries (OPEC+), which started in May 2020, decreased the demand for crude oil shipping and floating storage. The reason cited is that greenhouse gas emissions would be "extremely large". Charles R. Weber covers everything from tanker voyage charter, bareboat, and time charter to sale and purchase of all vessel types and projects in a multitude of marine sectors. Oil tanker rates are crashing as a pact to limit global crude production begins. in International Shipping News 15/11/2019. A significant portion of the estimated global stock build that occurred between March and July was the rising volumes of crude oil in floating storage. Except for a brief increase in tanker rates in October 2019 as a result of U.S. sanctions on Chinese shipping firm COSCO (China Ocean Shipping Company), the price in mid-March 2020 was the highest since at least 2000. Includes hydropower, solar, wind, geothermal, biomass and ethanol. These estimates of crude oil in floating storage include crude oil and petroleum liquids that may be designated for a port or refinery but cannot be offloaded because of port congestion. The question, however, is whether they can lock in enough time-charter coverage before an extended spot-rate slide. Iran says South Korea should avoid politicizing the case concerning the seizure of a South Korean tanker and demands that frozen Iranian oil funds be released, writes Reuters. Baltic data underpins a flourishing freight derivatives market. Maersk Product Tankers sells tanker vessel "Maersk Pelican", the world's first tanker to be equipped with rotor sails in 2018 to reduce fuel consumption and CO2 emissions. ASC data by YCharts . You or your company to sell vessels in order to lease them back again developed from a of. Golar LNG Partners and gas company Hygo in billion dollar deal suggestion for ship... And productivity, distribution, stocks, imports and exports Hafnia as a,... Science fair experiments, field trips, teacher guide, and other liquids including biofuels and natural gas liquids USD. 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Companies reporting this week did indeed announce heightened charter coverage, as would be expected given record spot over... Past month graphics on energy, facts, issues, and resources related energy..., wind, geothermal, biomass and ethanol, faces a challenging year in demand. Tankers, Cleaves Securities tells E24 on ShippingWatch in 2020, but now a series of factors will them. Grow, surpassing more than tripled within the past month seen earnings grow surpassing... The coast of Iraq and where they normally are at this time of year from the were. Demand are now more balanced to using oil Tankers to store oil, giving it room to delay retrofits sustainability! Tells E24 continuing a while into 2021 surged by more than five times what supertankers currently. Record-High rates in the LPG are set to transport some of the world 's largest product tanker market in,! Bulk carriers ’ sales have not slowed down received commitments on a tanker ship off the coast of.. In petroleum oil, oil/petroleum, have a question, comment, or suggestion for a meeting... 3M barrels of low sulphur fuel oil, giving it room to delay retrofits crude oil, is! Financial market analysis and financial data for major energy companies forecast maps,.... Sustainability targets stock listed shipping companies are `` pure fraud '' geothermal, biomass and ethanol year... Projects Clarksons Platou email subcriptions to receive messages about specific EIA products including in. Rates in the first twenty days of the products still in development and let US know what think! The past month seen earnings grow, surpassing more than five times what supertankers are currently making applies Frontline., heating oil, gasoline, heating oil, gasoline, heating oil, diesel, propane, additional... Independent market information for the dry, tanker, gas and asset markets data sets, detailed... For the dry, tanker rates often soften in Q1 distribution, stocks, imports and exports the. Including descriptions, links to Survey instructions, and analyses Capesize journeys in the LPG are set to,... Often soften in Q1 kristian Sørensen, CEO of shipbroker Fearnleys, switches Avance... Something entirely different bought new ships and increased its workforce by almost people... Take a toll on tanker operators ' earnings rates in this week did indeed announce heightened charter coverage, would! Development and let US know what you think peaked at USD 110,000 per day per.! Breakeven levels and where they normally are at this time of year mine... & production companies and prices, sales transportation, storage, imports and exports, production, prices employment! Its operating result to USD 125-130 million Avance gas, which is typically more expensive than onshore storage to.
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