Clean tanker rates in the East of Suez have remained at a high level despite erratic demand in the region. The main driver of this situation lies on the supply side. In this insight we dive into the dynamics behind rates in the East, and link the chain of events to trace the freight rate trajectory.
MR tankers in the Atlantic are facing a bumpy road after the first week of April, mainly driven by tonnage oversupply. However, the return of transatlantic gasoline demand could act as a deus ex machina and stage a revival for freight rates on both ends of the Atlantic Basin.
India's diesel exports set a record-high in March, as traders in the west snapped up every available barrel offered in the market. We weigh in on whether this export level is sustainable going forward.
As we move into the second quarter of this year, we analyse the effects of recent developments on the tonne-mile demand of crude and clean tanker fleets.
Russian overall oil exports are on a declined path, while crude exports are stable. European resupply needs and volatility/risk are supporting freight rates, while so far we do not see unusual dark shipping activity.
Following up on our APAC Webinar, we are answered questions on Russian oil exports, and the implactions on European and Asian crude and product flows, as well as repercussions for clean and dirty shipping.
In this webinar, Vortexa’s Lead Analyst, Serena Huang, China Market Analyst, Emma Li, and Lead Freight Analyst, Arthur Richier, discussed some new opportunities and trading strategies that have evolved as a result of this new oil regime.
While crude rates are falling from the peaks reached following the Russian invasion in Ukraine, CPP tanker rates continue their rally, especially in the Eastern hemisphere. In this insight we will analyse the drivers which have triggered this development.
Oil prices are set to rise strongly, as Russian supplies to the market are getting delayed or cancelled down the line. We try to give an overview on crucial factors for rebalanced the market in unchartered territory.
How CPP dynamics has shaped the MR freight market on the Atlantic as well as what is in store for the region in the short to medium term?
Surging diesel prices have been at the forefront of market news in recent weeks. Can clean tanker markets benefit from this pricing trend?
Vortexa will make a recap of the key takeaways of crude tanker CPP voyages, while giving a view of whether this trend is sustainable in 2022.
In last year’s freight forecast Vortexa described 2020 as one of the most volatile years on record. 2021 saw a more tepid year, with freight rates overall languishing at their lowest levels in years. Vortexa forecasts what 2022 has in store for freight markets.
Vortexa analyses competitive advantages of different refining setups and concludes from product export data that refiners in oil producing countries are currently outperforming plants in consuming nations thanks to feedstock costs.
As geopolitical tensions mount around Russia-US relations, we take stock of the former nation's role in supplying oil and gas.
In this blog, Vortexa attempts to assess Omicron’s impact on crude and product tanker markets.
Vortexa analyses the freight rate development of 4 vital CPP routes and investigates how the cross-vessel class dynamics could drive a domino effect on fleet repositioning.
The global middle distillate market looks finely poised for this quarter as we enter a period of seasonally higher diesel consumption in the Atlantic Basin and rising east to west shipments.
As the world tries to shake off the pandemic, Vortexa looks at top-level tanker demand trends to understand how the Crude and CPP markets have fared compared to the pre-covid period, the previous quarter and what is in store for the future.
Having one eye set to analytical insights and the other on industry events, Vortexa provides a brief outlook on the shipping industry’s future. It seems that the tanker sector will need to surf high and wild waves, both in the short and the long term.
Vortexa provides an assessment of the impacts of hurricanes Ida and Nicholas on PADD 3 product and crude flows. Crude imports appear to be in for the greatest impacts.
As we witness global naphtha cracks continuing strength since the spring, we can see that seaborne naphtha imports carry on their impressive recovery. Strong flows are expected to continue on the back of firm petrochemical demand East of Suez and European gasoline blending.
Russian seaborne crude and clean products have undergone a significant decline in July. We examine the key factors driving this shift, including rising pipeline flows and a tightening domestic gasoline market.
As global diesel loadings rise amid lagging demand, we explore how the supportive factors in the physical diesel market are not enough to withstand the pressure of a product in oversupply.
What are the dynamics behind this dirty-to-clean shift and what is the impact on the product and crude tanker markets?
Vortexa summarises the trends and dynamics that prevailed in the crude and product tanker market throughout Q2 2021
Vortexa evaluates if the current large volumes of seaborne diesel on the water are a demand pull or a supply push from refineries as they max out gasoline production.
Oil prices are on the rise and a $100 barrel of crude doesn’t seem as far fetched as it did a few months ago. The implications of crude reaching this strong, symbolic price are wide-ranging, especially when it comes to freight markets. Will OPEC+ step in and will this fuel a tanker market rally?
Vortexa data shows global jet fuel flows still remain well below pre-Covid norms, with little sign of a meaningful demand recovery so far this summer. Flows heading to key demand centres in Europe and Asia remain flat, but the US is proving to be a rare bright spot for import activity.
Vortexa shows diverging trends for crude arrivals heading to key Atlantic Basin buyers.
The OPEC+ announcement to stick to an increase in supply of crude has to date failed to kickstart a morose market. Using Argus Media pricing and Vortexa flows and freight data, we explore whether the expected second half of the year rally is due to materialise.
As European gasoline and blending component imports dominate seaborne flows into PADD 1, we take a look at if this could be the beginning of a long term structural change. We also explore other points of gasoline resupply into PADD 1.
May saw arrivals of crude and products in West of Suez surging, while East of Suez markets disappointed across the barrel. There is room for improvement, but low crude activity merits caution.
As the US Colonial pipeline system restarts after its historic outage and panic buying subsides in the East Coast and Southeastern markets, we look towards waterbourne gasoline cargos to solve the regional stock imbalances.
Should the Colonial Pipeline network remain down for more than a few days, East Coast and Southeastern markets will start to see supply hiccups and related price spikes.
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.
Claims from top trading houses and research analysts that oil demand is set for a roaring comeback as soon as this summer has divided market experts. Vortexa weighs in.
Explore Q1 2021 freight market update based on Vortexa data.
A breakdown of the impact on oil, freight and flows in the aftermath of the Suez Canal blockage.
Which Texas clean product export terminals were impacted the most during the freeze? Our infographic details the terminals with the largest weekly export volatility and who is recovering the quickest.
Australia's Altona refinery closure is expected to raise the country's refined product imports, with supplies from Exxonmobil's Singapore refineries. MR tanker freight rates to receive support from additional demand for the route.
European diesel/gasoil exports to PADD 1 in February are set to approach record highs seen in November amid tepid European demand and a cold snap in the US northeast.
We put the spotlight on the key US crude and product net flows to watch.
Several gasoline and diesel cargoes have diverted away from the US East coast hub of New York Harbor so far this month, suggesting a current surplus in PADD 1 that could prompt prices to recede.
Asia’s growing naphtha demand has outpaced arbitrage supplies in December, but higher exports from key suppliers should cap further upsides on naphtha cracks.
Explore freight markets forecast for 2021 based on Vortexa data.
Floating storage told the story of the extraordinary moves in oil demand and supply in 2020.
Vortexa sees a marked shift in French clean product flows in the aftermath of the country's recent nationwide lockdown.
LR tanker rates are rallying higher following a strong month of October-loading naphtha exports from the Mediterranean and the Mideast Gulf heading East, with the momentum set to continue in November.
Australia’s refining sector has been dealt another blow by BP’s recent announcement to shut its Kwinana refinery in Western Australia, and convert it into an import terminal by early next year.
Discover the key benefits of Vortexa's new net flows screen with an Infographic on European diesel flows.
US gasoline/blending components imports into its Atlantic coast (PADD 1) are set to fall to the lowest weekly total seen in months, for the DoE week ending 6 November.
We shine the spotlight on net flows of diesel and gasoline within the Mediterranean region.
The global build of unemployed tonnage is the cause of recent the weakness and a bleak outlook in clean tanker freight markets, as evidenced by a month-on-month drop in freight rates across 4 out of 5 routes analysed.
Australia’s Lytton and Geelong refineries are being threatened with permanent shutdown as the compounding impact of the pandemic on oil demand drags on. We postulate the changes on crude and refined products flows if the refineries shut.
Diesel/gasoil exports from the US Gulf coast (PADD 3) in September are set to register the largest month-on-month decline seen since April.
The diversion of a gasoline blending component cargo away from the New York hub could foreshadow a weaker transatlantic pull for European gasoline/blending cargoes in coming weeks.r.
US Gulf coast gasoline exports have been seeking alternative markets in the region in recent weeks, beyond top markets Mexico and Brazil.
An uptick in gasoline loadings from Europe to West Africa since the beginning of September, compared to a calm summer has led to a strengthening of freight rates in the clean tanker market for LR1s.
A second wave of diesel floating storage is now underway, as expectations grow for a further build.
The effects of Hurricane Laura, which made landfall on the US Gulf coast on 27 August, continue to be felt in the flows of energy commodities out of facilities in or near the path of the storm.
Infographic on India's recent clean petroleum product exports since the onset of covid-19
South Korea’s jet fuel exports to the US West Coast (PADD 5) rose to 115,000 b/d in July, the highest in at least four years, according to Vortexa data. This follows improved arbitrage economics after an uptick in PADD 5 jet fuel prices and falling clean tanker rates in June.
Gasoline and blending component exports from northwest Europe and the Mediterranean rose on the month to 1.24mn b/d in July, the highest monthly total since March. This underlines rising refinery runs from European refiners amid stronger regional demand.
Global diesel arbitrage flows are shifting as the pace of demand recovery and inventory draws vary across regions. We highlight the key global diesel trends across Europe, Asia and the Americas.
Sweden returned to the position of a net diesel exporter in June, amid improving European diesel consumption. Waning storage economics in the northwest European diesel market curbed the unusual flow of Russian diesel that moved into Swedish storage terminals observed over April-May.
The share of US LPG exports heading to Asia rose in the first half of the year, offsetting a drop in transatlantic flows. Looking ahead, the momentum of US exports to China in particular will hinge upon the competitiveness against rival Middle East producers.
Fuel oil floating storage became a key feature of the global oil market even before the more recent pandemic-driven explosion in offshore crude and clean products inventories.
Diesel imports into the US Atlantic Coast (PADD 1) are on track to surpass 900,000 mt in November, according to preliminary data by Vortexa.
Diesel exports from Indian public sector undertaking (PSU) refiners were observed at multi-year highs in October, Vortexa data show.
Primorsk diesel exports touched a multi-year low in September on the back of planned refinery maintenance, as northwest Europe drew more strongly on USGC volumes.
China’s growing refined product exports—mainly gasoline, jet/kero and diesel types—have kept the regional market across Asia well-supplied this year.
Seaborne loadings of diesel and gasoil from Russian Black Sea ports in week 29 rose to the highest weekly level since at least the beginning of 2016.