Contracting of product tanker newbuilds has hit a 10-year high this year, but recycling of older ships and the impact of decarbonization regulations are likely to pose challenges for future…
https://gcaptain.com/contracting-of-product-tanker-newbuilds-at-10-year-high/
Mainstream European tanker owners have largely abandoned the Russian trade now that the country’s crude and diesel have breached Western price caps. The so-called “shadow” fleet — tankers operating outside Western insurance and financial circles — has taken over.
Western sanctions had two goals: First, keep Russian oil flowing, and second, curb oil revenues to Putin’s military. Goal No. 2 is in major trouble. Russia’s export revenues are increasing as the price of its crude and products rises...
https://www.freightwaves.com/news/sanctions-on-russian-crude-and-diesel-exports-are-failing
Russia — one of the world’s top energy providers — is mired in war. The OPEC cartel is cutting production. And yet, oil prices continue to tumble, weighed by global recession fears and concerns on Chinese demand.
For ocean shipping, this translates into cheaper marine fuel costs, a positive for operating margins, and much narrower fuel spreads, a negative for owners of vessels with exhaust gas scrubbers.
For listed tanker owners, the drop in oil prices is coinciding with faltering sentiment and...
https://www.freightwaves.com/news/as-oil-tumbles-marine-fuel-gets-cheaper-and-so-do-tanker-stocks
The critics were quick to pounce when the EU banned imports of Russian crude and products and the EU and G-7 implemented price caps. It won’t work, they said. There won’t be enough ships to keep Russian trade flowing. Russian diesel and crude production will get shut in. It will lead to a global shortage, causing prices for consumers and businesses to spike. The sanction plan will backfire on Western governments.
None of this happened. The Western plan is working as designed. Russia is being...
https://www.freightwaves.com/news/private-tanker-owners-are-getting-rich-off-russian-price-caps
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There have been two historic shipping booms since the turn of the century. Could a third be around...
https://www.freightwaves.com/news/in-search-of-shippings-next-supercycle-are-tankers-next
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The drive to decarbonize shipping looks like it’s about to pay off in a big way — not for the...
https://www.freightwaves.com/news/how-decarbonization-backfired-tanker-construction-slows-to-trickle
Global trade in diesel and other refined petroleum products is evolving exactly as predicted. European Union and G-7 sanctions targeting Russian exports are forcing product tankers to sail longer voyages and sucking more ships into the “shadow fleet,” reducing effective transport supply in Western trades.
What comes next for already tight transport supply is also completely predictable.
The number of new product tankers on order is historically low. Given construction lead times and shipyards...
Monaco-based company Scorpio Tankers has given the notice to exercise its purchase options on six product tankers.
The post Scorpio Tankers exercises purchase option for six product tankers appeared first on Offshore Energy.
https://www.offshore-energy.biz/scorpio-tankers-exercises-purchase-option-for-six-product-tankers/
“It’s like when you were a little kid and played a game where you laid siege to a castle and you surrounded it, trying to starve the people out. But in this siege — Russian sanctions — half the castle has been left unsurrounded. They can just open the doors and get resupplied with food and trade every day,” said Robert Bugbee, president of Scorpio Tankers (NYSE: STNG).
One year ago, Russia invaded Ukraine. Bugbee’s comments, delivered at the Norwegian-Hellenic Chambers of Commerce shipping...
https://www.freightwaves.com/news/one-year-later-how-ukraine-russia-war-reshaped-ocean-shipping
By Barry Parker (gCaptain) – February 5th, when the price caps on Russian refined products kicked in, was a pivotal day for the MR and LR1 tanker segments. Observers, noting…
https://gcaptain.com/product-tankers-hitting-it-out-of-the-park/