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Using Signal Ocean data, we analyse the trends and changes across the major vessel sizes in the dry and tanker freight market for 2021. This report provides data on demand, supply and how the latest developments determined the performance of vessels’ earnings. The year to date evolution in supply and demand paves the way for ...
Low oil, Covid create volatile year for shipping: report DUBAI, December 30, 2020 The coronavirus pandemic caused a major disruption across the global economy with the collapse in oil demand and new lockdowns leading to an immensely volatile year for the shipping market, a report said. The market analysis by the Signal Group, a diversified shipping services group, based on The Signal Ocean Platform using Signal Maritime’s data takes a look selectively at a range of vessel segments and regions covering crude tankers, product tankers as well as dry vessels. Dirty Tankers – VLCCs In the dirty tankers segment, TCE rates for VLCCs fluctuated from highs to lows within a few months. This tanker segment had a positive momentum in March as crude exports increased driving VLCC demand and freight rates upwards. Following a dramatic collapse of Opec+ discussions on March 6th where Russia responded with “Nyet” to oil production cuts, Saudi Arabia announced that it would raise its crude output and offer market discounts. In the Arabian Gulf to Asia route, specifically, TCE for VLCCs reached a record high in mid-March at $243K as the demand for VLCCs was high in Ras Tanura. Also, concerns over an oversupply of oil due to the stalled economy caused by the pandemic forced traders to book tankers as floating storage driving VLCC demand further.