Latest Maritime News
19 July-1 August 2022
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Oil Dips Amid Renewed Demand Concerns
Oil prices plunged by 4% at the start of August as the market digested weak economic figures from China, the world’s largest crude oil importer.
As of 10:12 a.m. ET on Monday, WTI Crude prices were down by 4.49% at $94.22. WTI Crude started August on the decline, following the first back-to-back monthly losses in June and July since the end of 2020. Brent Crude, the international benchmark, was down to $100—after finishing July at the $103 a barrel handle, following a brief intra-day spike to $110 on Friday. Brent Crude traded down by 3.37% to $100.40 at 10:12 a.m. ET on Monday.
The market sentiment at the start of this month was one of concern about the pace of global oil demand after Chinese factory activity unexpectedly contracted, and its manufacturing Purchasing Managers’ Index (PMI) improved only marginally in July and was well below expectations. Continue reading here (Source: OilPrice).
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Tanker Prices Reach 10-Year Highs
Tanker values have surged to decade highs, on the back of strong earnings in the spot market. In its latest weekly report, shipbroker Gibson said that “over the past few years tanker owners have watched containership values surge to unbelievable levels, whilst their own values have struggled against a backdrop of weaker transportation fuel demand following the pandemic. However, gradually recovering oil consumption and the fallout of Russia’s aggression in Ukraine has propelled spot earnings and with that, secondhand values to levels not seen in over a decade. Newbuild prices had already firmed due to tighter yard availability and cost inflation; however, secondhand prices, which are more closely linked to near term spot market developments, only started to gain momentum at the end of last year, partly supported by increased optimism around oil demand and declining orderbook. Long delivery lead times, uncertain regulations and high yard pricing have also made secondhand tonnage a more attractive proposition, given the shorter investment timeline and prompter delivery a secondhand vessel offers. So, what factors might support further rises in values, or is the bubble about to burst?” Continue reading here (Source: Hellenic Shipping News).
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Inflation Hits Oil Tanker Newbuild Prices Hard
If you think the price of groceries or a used car are high due to inflation, try buying a new crude oil tanker. According to a new report by the tanker brokers Poten & Partners Very Large Crude Carrier (VLCC) newbuilding prices have increased 35%, from $88.4 million in January 2021 to $119 million this month but still have a ways to go before reaching their all-time peak of $162.5 million in 2008.
Secondhand prices are strong too. Over the last 12 months prices for 5-year-old VLCCs crude oil tankers are up 23% and 10-year-old VLCCs 31%. This means that the value of a tanker company’s existing fleet has increased alongside recent tanker rate increases.
Poten says the current market is being driven by a combination of strong demand and tight supply. During the last strong VLCC market that started in 2003, it was Chinese demand driving up freight rates but this time it’s strong crude and product demand in the US, Europe and Asia (as the world recovers from the pandemic) and a lack of available vessels. Continue reading here (Source: gCaptain).
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What's Causing So Many Port Strikes? It May be the Profits
Besides congestion, strikes at major ports in Europe, Asia and North America have become another addition to multiple challenges facing shippers. UK is the latest country teetering on the edge of a potential port strike. This could severely affect shipping at Felixstowe and Liverpool, two of UK’s major ports.
Interestingly, the port strikes have spread to countries like Germany, where they have not occurred in the last three decades.
But why are port workers downing their tools at a time shipping industry is pocketing extraordinary profits? Continue reading here (Source: The Maritime Executive).
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Record Container Ship Traffic Jam as Backlog Continues to Build
If you only look at Los Angeles and Long Beach — the largest container import gateway in America — you’d think shipping congestion has drastically reduced. The number of ships waiting there has fallen to 26 from a high of 109 in January. But in fact, North American port congestion has just re-entered record territory. The offshore traffic jam is once again as bad as it’s ever been.
In January and February, when North American congestion previously peaked, there were just under 150 container vessels waiting off the coastlines. Two-thirds were in the Los Angeles/Long Beach queue.
As of Thursday morning, there were 153, the majority off East and Gulf Coast ports. Whereas the earlier West Coast pileup was centralized, highly publicized and relatively easy to track, today’s ship queue is more widely disbursed and attracting less attention. Continue reading here (Source: American Shipper).
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Russia and China Conducting High-Risk Oil Transfers in Atlantic Ocean
Russian and Chinese tankers are carrying out high risk ship-to-ship crude oil transfers at a newly established spot in the middle of the Atlantic Ocean, it has been revealed.
Analysis has tracked at least a dozen tankers involved in transferring or receiving crude oil of Russian origin, which then set sail for destinations in Asia, particularly China
The transfers, which are taking place about 1,480 kilometres off the Portuguese coast, have raised concerns of an accident at sea with economic or ecological implications.
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Current Price Indications
*Prices are indications only.
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Bangkok, Thailand
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD975/MT
MGO (DMA): USD1280/MT
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Busan, South Korea
HSFO IFO-380cst 3.5%: USD567/MT
VLSFO 0.5%: USD895/MT
MGO (DMA): USD1070/MT
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Callao, Peru
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD1157/MT
MGO (DMA): USD1438/MT
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Hong Kong
HSFO IFO-380cst 3.5%: USD542/MT
VLSFO 0.5%: USD889/MT
MGO (DMA): USD1074/MT
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Houston, TX, USA
HSFO IFO-380cst 3.5%: USD620/MT
VLSFO 0.5%: USD841/MT
MGO (DMA): USD1160/MT
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Kaohsiung, Taiwan
HSFO IFO-380cst 3.5%: USD579/MT
VLSFO 0.5%: USD937/MT
MGO (DMA): USD1155/MT
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Long Beach/Los Angeles, CA, USA
HSFO IFO-380cst 3.5%: USD566/MT
VLSFO 0.5%: USD976/MT
MGO (DMA): USD1080/MT
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Manta, Ecuador
HSFO IFO-380cst 3.5%: USD564/MT
VLSFO 0.5%: USD1079/MT
MGO (DMA): USD1467/MT
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New York Harbor, NY, USA
HSFO IFO-380cst 3.5%: USD608/MT
VLSFO 0.5%: USD881/MT
MGO (DMA): USD1080/MT
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Panama Canal
HSFO IFO-380cst 3.5%: USD630/MT
VLSFO 0.5%: USD885/MT
MGO (DMA): USD1187/MT
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Singapore
HSFO IFO-380cst 3.5%: USD517/MT
VLSFO 0.5%: USD904/MT
MGO (DMA): USD1096/MT
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Clipper Oil offers a weekly update with the latest positions of the high-seas fuel tankers working throughout the Pacific and all other oceans.
To view the latest positions of our high-seas tankers, please click here.
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Worldwide Wholesalers of Marine Fuels & Lubricants |
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USA Headquarters
2040 Harbor Island Drive
Suite 203
San Diego, CA 92101 USA
Tel: +1-619-692-9701
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Singapore Office
3 Coleman Street
#03-24 Box #8
Singapore 179804
Tel: +65-9640-7998
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bunkers@clipperoil.com
www.clipperoil.com
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