Vortexa summarises the trends and dynamics that prevailed in the crude and product tanker market throughout Q2 2021
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?
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.
Cheaper Suezmax freight rates led to increased employment for US - Europe flows. Will this trend continue amidst a positive environment for European crude imports?
Elevated naphtha exports from Europe supported long-haul voyages in favour of LR2 tankers. Yet, will this trend contribute to uplift LR2 freight rates?
Declining volumes towards the Far East limits tanker demand, but long-haul voyages to India keep VLCC and Suezmax tanker utilisation in balance.
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.
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.
This report brings together Windward intelligence and Vortexa data on maritime risk factors, dark movements, vessel specifics and cargo flows in a case study examining the risk posed to the global maritime fleet of association with the Venezuelan oil trade.
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.
Crude tanker freight markets remain a prisoner of challenging circumstances, even as the seasonally strongest quarter of the year is upon them.