Event News
Added May 6, 2021

Event highlights: Dirty or clean, how is the US shaping trends in transatlantic flows in 2021?

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On the 6th May, our Analyst team came together to discuss the Clean Petroleum Products (CPP) and Dirty Petroleum Products (DPP) market in light of recent global events.

Throughout the course of 2021, the pandemic triggered a string of events that disrupted US oil product flows. The Texas cold snap, multi-year low refinery runs, and high gasoline refining margins have all helped to shape the current CPP and DPP flow picture heading into the US summer driving season.

In this webinar, Vortexa experts Ioannis Papadimitriou, Freight Market Analyst and Will Holeman, Lead Market Analyst came together to discuss the impact of these events on the main US oil product flows and the repercussions this has had on the global tanker freight market.

Key topics of discussion included:

  • Refined products flows across the Atlantic Basin
  • Fuel oil US/PADD 3 imports 
  • Transatlantic freight rates
  • CPP & DPP flows in April and looking forward to the remaining year 

Watch on demand

 

Core takeaways from the session: 
Gasoline 
  • Summer driving season will propel demand towards the US – but 2019 demand levels will not be reached.
Diesel/Gasoil 
  • PADD 3 gasoil/diesel exports are normalising as refinery runs gradually improve. European diesel imports are dependent on covid lockdown measures which can increase transportation demand.
DPP 
  • As US refinery runs come back to normal, Baltic Sea and Black Sea flows toward the US Gulf are also recovering.
Freight implications

  • Post-storm gasoline supply crunch has faded, weighing on TA MR/Handysize market as tonnage availability in the Atlantic basin increased.
  • Improving TA demand for diesel throughout Q2-Q3 will boost MR tanker tonne-miles, although utilisation could be capped by deliveries.
  • Aframax tankers out of Russian Black Sea/Baltic could find additional demand, but any upside on rates will be limited from increasing tonnage availability.

 

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