Illustrating the falling price, despite the full-year 12.1% increase in volume terms, Chinese crude oil imports have dropped in value by 23.7%. Vlcc Tanker Rates. Though internal demand has recovered in China, international demand has fallen, with exports down to 3.2m tonnes this July compared with 5.5m tonnes last year. VLCC operating at 15.8 knots and 15.0 knots, respectively. Dirty VLCC MEG/Jap - 260,000. Only China bucks this trend with record-high crude oil imports, benefiting from the low oil price. The last time these levels were reached was between May 2014 and October 2015 and during the super cycle of 2007/2008. Despite the strong purchases in May and June, however, China remains far behind on its commitments under the Phase One agreement. The capesize index, which tracks iron ore and coal cargos surged 5.8% to 3,082; and the panamax index, which measures coal or grain cargos went up 0.3% to 1,617. in International Shipping News Test Chart Title X. Tanker Worldscale Rate. Crude exports on VLCC tankers in July stood at 16.4m b/d, down 33% from a 2020 high of 24.4m b/d in April. Similar situation for cargoes heading to China, with rates standing close to WS 46.5. Despite tensions between the US and China ratcheting up in previous months, there was progress made on the Phase One trade agreement, with record-high US crude oil exports to China in May, when 5.1m tonnes was exported. The OPEC+ alliance, which includes the OPEC countries as well as ten other oil producing nations, the largest of which is Russia, has already begun reducing its production cuts, increasing its output by 2m bpd to 7.7m bpd, from 9.7m bpd immediately after the oil price war. Like crude oil production, product supplied in the US remains below last year’s level, though up from the lows reached at the height of the lockdowns. Source: The Baltic Briefing, Tankers: VLCCs React to New Higher 2020 Worldscale Flat Rates, Online Daily Newspaper on Hellenic and International Shipping, This site uses cookies to enhance your user experience. The lower contracting activity fits with the poorer outlook, which is also reflected in the value of second-hand tankers. Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications. In the Atlantic a similar scenario was seen, with rates for 260,000mt West Africa to China being evaluated in the WS105/107.5 region. As adopted at the General Meeting in Athens, May 2019. In the long run, however, the lower aviation and transport demand, and fundamentally lower oil consumption, will hurt the industry for at least 15 months. For all the latest of BIMCO's own market analysis on global shipping, including macroeconomics, dry bulk, tanker and container. Historically, the 30-year mortgage rate reached upwards of 18.6% in 1981 and went as low as 3.3% in 2012. Rates for 37,000mt to the US Atlantic Coast remain in the high WS180s, gaining a further 10 points to WS185 level, with 38,000mt US Gulf to UK Continent in the low WS120s. In contrast to the other major shipping sectors, the crude oil tanker sector has seen very little demolition in the first six months of the year. His enthusiasm and overwhelming knowledge of the topic is truly inspiring. This is on top of the 68 VLCCs delivered in 2019, which led to the VLCC fleet growing by 8.6%. China recorded its highest crude oil imports in May (48.0m tonnes), only for that record to be broken again in June, when imports totalled 53.1m tonnes. Heck! That compared with $40,700 per day in 2016 and $66,700 in 2015. In fact, crude processing reached its highest ever level in China in July, at 59.6m tonnes, with accumulated year on year volumes up 2.3% in the first seven months of the year. I turned around as I heard someone calling me – ‘Mini Aunty’. on the vessel’s design, and possibly a tank test can be performed as part of assessment level 2. Land-based transportation has had a stronger recovery than air transport, but it remains lower than this time last year. Time charter rates for tanker ships have also fallen. With higher bunker costs in US Gulf rates for 270,000mt US Gulf to China is now assessed firmer at between $12.75/13 million. Over the full year, BIMCO expects that the oil product tanker fleet will grow by 2.7% and the crude oil tanker fleet by 2.4%. VLCC tanker rates last surged in October last year in the aftermath of U. yesterday announced, the delivery of a Very Large Crude Carrier (hereinafter "VLCC"), "Phoenix Jamnagar". By 7 August, the US was supplying 19.4m bpd of oil products, the highest level since 20 March, but still 2.7m bpd (-4.1%) less than in the corresponding week last year. VLCC rate spike. Suezmax Tanker Spot Rates-20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 Q1 Q2 Q3 Q4 y Source: 90% of Clarksons (Suezmax Global Average) Last Updated: January 31, 2020 2018 2019 2020. Ten of these orders are for a series of 50,000 MR tankers placed by Bahri. VLCC rates have been rising sharply since the US imposed sanctions on units of Cosco Shipping. This is what happened to me. This would aim to put a stop to the limited activity that is still happening, primarily with European and Asian buyers. In the 80,000mt Ceyhan to Lavera trade rates are in the low WS200s, but brokers feel with the build-up of tonnage that the market will come under downward pressure. The gold/silver ratio is simply the amount of silver required to buy a single ounce of gold. On 28 August, Very Large Crude Carrier (VLCC) earnings averaged USD 16,949 per day, indicating a loss of around USD 7,000 every day. 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