At USD 11,949 per day, Suezmax earnings are also around USD 8,000 below breakeven, and Aframaxes can expect to lose USD 7,700 per day, with earnings averaging USD 9,322 per day. sanctions on Chinese shipping firm COSCO (China Ocean Shipping Company), the price in mid-March 2020 was the highest. BIMCO’s statements are our position on topical policy issues which we consider relevant to our members. The question of when demand will return to pre-pandemic levels remains clouded in uncertainty as the virus continues to spread. 06/01/2020. Open Media On Friday, ExxonMobil chartered in the 299,946 dwt 2017-built Ardeche from Euronav for 325 points on the Worldscale, equating to a $298,208 time charter equivalent rate per day, excluding idle days, for 29.08 days, for a Middle East Gulf-Singapore route. According to assessments of VLCC spot rates issued by Clarksons Platou Securities, rates peaked on Oct. 11 at an average of $295,100 per day, fell slightly to $281,000 day on Oct. 14, then took a big dive – down 31% – to $194,900 per day on Oct. 15. VLCC rates along the Middle East to China route also cooled, falling to about $210,000 per day on Wednesday, down from about $265,000 on Monday, the data ship broking showed. Rates for 37,000mt to the US Atlantic Coast remain in the high WS180s, gaining a further 10 points to WS185 level, with 38,000mt US Gulf to UK Continent in the low WS120s. So far this year, 547,334 DWT of oil-product tankers have been removed. On 28 August, Very Large Crude Carrier (VLCC) earnings averaged USD 16,949 per day, indicating a loss of around USD 7,000 every day. This slowdown in fleet growth will continue in the coming years, as the pandemic has lowered contracting activity. Frontline has announced that the VLCC spot rates by the end of November for oil transports from the Middle East to Singapore will be around USD 41,000 per day, according to a brief from Platou. In the Atlantic a similar scenario was seen, with rates for 260,000mt West Africa to China being evaluated in the WS105/107.5 region. Despite the relevant lack of demand, shipowners remain resilient to accept lower rates. Tanker Worldscale Rates; Tanker TCE; Japanese Newbuilding Ship Values; 5 Year Old Secondhand Ship Values; SSY Capesize Indices; Bulk Carrier Freight Rates ; Bulk Carrier Time Charter Rates; Reports; Additional Resources; Please select. Do you want to compare your ship performance vs industry standard and identify efficiency improvements? Total tanker deliveries have totalled 16.2m DWT so far this year, a 43.9% drop from last year. The loss of several years’ growth in global demand for oil – and, therefore, for tanker shipping – will lead to a worsening of the fundamental balance in the market. Source: The Baltic Briefing, Tankers: VLCCs React to New Higher 2020 Worldscale Flat Rates, Online Daily Newspaper on Hellenic and International Shipping, This site uses cookies to enhance your user experience. In its latest forecast, the US Energy Information Administration (EIA) estimates that global oil demand in 2020 will fall by 8.1 million barrels per day (bpd). VLCC View real-time DXY index data and compare to other exchanges and stocks. 270,000mt Middle East Gulf to China is now hovering in the low to mid WS120s, with the market for 280,000mt Middle East Gulf to US Gulf, via Cape/Cape, now assessed in the very low WS60s. Though Chinese demand for crude oil and oil products has risen from the low point in February, much of this extra crude oil is going straight into storage. Given the global recession and lower transport demand, however, the tanker industry is set for some challenging months. On 28 August, Very Large Crude Carrier (VLCC) earnings averaged USD 16,949 per day, indicating a loss of around USD 7,000 every day. Clean In the long run, however, the lower aviation and transport demand, and fundamentally lower oil consumption, will hurt the industry for at least 15 months. Heck! January 13, 2020 by Yaamini Radhakrishnan Future Miss Pretty Me. For example, if gold is at $1200 per ounce and silver is at $15 per ounce, the ratio would be calculated as $1200/$15 = 80. The higher demand for shipping at the time was not because of higher immediate consumption, but because of future demand being brought forward as importing refiners sought to benefit from the lower price. The lower contracting activity fits with the poorer outlook, which is also reflected in the value of second-hand tankers. The towering price is 140 percent higher than last month's rate level and 50 percent higher than last week's level. BIMCO's Reflections is published each year and delivered to all BIMCO members. Dirty VLCC MEG/Jap - 260,000. The EIA doesn’t expect global oil demand to return to pre-pandemic levels in 2021; instead, it sees demand rising to 100.17m bpd in 2021 (in 2019 it was 101.25m bpd). At the same time, the supramax index gained 15 points to 1,119, its highest since October 2019. . This is what happened to me. Many analysts will use the 10 year yield as the "risk free" rate when valuing the markets or an individual security. Owner-, broker- and agency members can access information about non-payment issues, fake invoices and fraudulent behaviour reported to BIMCO. Only China bucks this trend with record-high crude oil imports, benefiting from the low oil price. Dirty VLCC MEG/Jap - 265,000. For 135,000mt Black Sea to the Mediterranean rates are assessed at around WS157.5 level. Dirty Suezmax Wafr/UKC - 130,000. According to just-posted fixture reports, they’ve now fallen lower still. Spot rates in the Middle East Gulf have increased dynamically on Thursday and Friday after two tankers were attacked in the Gulf of Oman. Despite lower oil demand because of the public health measures, many countries saw imports rising year on year in the second quarter, as they sought to cash in on the cheap oil. This means it would take 80 ounces of silver to buy a single ounce of gold. Aframax Tanker Spot Rates-10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q1 Q2 Q3 Q4 Day Source: 90% of Clarksons (Aframax Global Average) Last Updated: January 31, 2020 2018 2019 2020 … Test Chart Title X. Tanker Worldscale Rate. The Baltic Exchange's main sea freight index rose 3.5% to 1,828 on Wednesday, its highest level since January 13th. 4 . Though internal demand has recovered in China, international demand has fallen, with exports down to 3.2m tonnes this July compared with 5.5m tonnes last year. Index performance for BDI Baltic Exchange Dry Index (BDIY) including value, chart, profile & other market data. In fact, only seven crude oil tankers were demolished in the first eight months of 2020, totalling 681,832 dead weight tonnes (DWT). Free Charts. In fact, crude processing reached its highest ever level in China in July, at 59.6m tonnes, with accumulated year on year volumes up 2.3% in the first seven months of the year. The gold/silver ratio is simply the amount of silver required to buy a single ounce of gold. •he is a double hull oil tanker with longitudinal bulkheads in way of cargo S tank, sunken deck and aft bridge. The 80,000mt cross North Sea market is in the low WS160s and remains under downward pressure. In contrast to the other major shipping sectors, the crude oil tanker sector has seen very little demolition in the first six months of the year. It is expected that it would also be incorporated for EEDI phase 2 which will come into force on 1 January 2020. Elsewhere in the world, however, the still-low oil price is hindering some production from being restored. VLCC Wellness offers slimming, beauty, dermat, hair and laser treatment nearby location with all the latest facilities at the most affordable Cost & Packages. According to Frode Mørkedal, managing director of research at Clarksons Platou Securities, “Average VLCC rates surged to $85,000 per day yesterday [Tuesday] on one of the busiest days recorded out of the Middle East Gulf, led by Bahri on the back of the increased Saudi export announcement for April. VLCC rates tumble to lowest levels since February Things have cooled considerably from the spring rally. The last VLCC to be demolished was in June 2019, with only four having been demolished since October 2018. Global crude exports year-to-date (mn b/d) and global VLCC average rate to Asia ($/mt) Declining exports across major regions weigh on freight rates. For the remainder of this year, the tanker shipping industry will find itself paying for the highs it reached in the second quarter. For more info go to our Cookie Policy, Baltic index logs 6th straight week of gains, LPG Trade: The US Market Dominated During 2020, A-share market forecast to sustain bullish growth, Drewry: World Container Index Reaches Highest Level Since 2011, Guide for Carriage of Hazardous Materials, Subscribing I accept the privacy rules of this site, Transport Webinar Series – Maritime | Episode 1, SMM Director Claus Ulrich Selbach on the current status of SMM DIGITAL 2021, PORT IS WHAT WE DO – New filter drum for the METHA, BIMCO’s Q4 Shipping Market Outlook webinar, The city of Piraeus and the Municipal Theatre of Piraeus with Panama Flag colours. This is on top of the 68 VLCCs delivered in 2019, which led to the VLCC fleet growing by 8.6%. Book Online or Call: 1800-102-8522. At 4.1m DWT, product tankers is the only segment in which there have been more new orders in the first eight months of this year than the same period of last year (+31.9%). Illustrating the falling price, despite the full-year 12.1% increase in volume terms, Chinese crude oil imports have dropped in value by 23.7%. The capesize index, which tracks iron ore and coal cargos surged 5.8% to 3,082; and the panamax index, which measures coal or grain cargos went up 0.3% to 1,617. Finally we find the short-term distribution of the spot rate when demand is high and low. Rates from the Middle East to Asia are now lower than the low point last year. Prices for 10-year-old VLCCs and LR2s both fell by 19.2% and 18.4% respectively from the start of the year to late-August. VLCC rates on the hitherto inactive Persian Gulf-US Gulf route rose by 35 Worldscale points to w70 Wednesday, due to these upcoming deliveries, S&P Global Platts data showed. Suezmax BIMCO's Shipping Number of the Week, fleet graphics and 3rd party market reports on dry cargo, tanker, container, demolition, newbuilding and sale & purchase. As it looks now, 2022 seems to be the year in which volumes will have recovered. Tanker Worldscale Rates; Tanker TCE; Japanese Newbuilding Ship Values; 5 Year Old Secondhand Ship Values; SSY Capesize Indices; Bulk Carrier Freight Rates; Bulk Carrier Time Charter Rates ; Reports; Additional Resources; Please select. VLCC rate spike. The tanker industry experienced a boost immediately after the start of the COVID-19 crisis, because of the lower oil price and higher exports from major producers. New York-based ship broker McQuilling Services forecast charter rates this year for a VLCC voyage from the Middle East to Japan would average $26,300 a day in a report on Wednesday. Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications. A new VLCC is worth 7.5% less now than at the start of the year, and the value of an LR2 has fallen by 1.7% – drops of USD 7.35m and USD 0.86m respectively. Ships earned a bit more two weeks ago when voyages to China were paid around WS 48. The VV value of a resale VLCC has gone above reached $101.36m as of 1 Nov 2019. World Freight Rates 2020 World Freight Rates… According to VV, one of the major drivers of this change is charter rates, which have increased over 1,000% since 15 September 2019, peaking just above $200,000 per day on 11 October, … Access BIMCO's COVID-19 related articles and advice. Rewind a few years back. Over the full year, BIMCO expects that the oil product tanker fleet will grow by 2.7% and the crude oil tanker fleet by 2.4%. With higher bunker costs in US Gulf rates for 270,000mt US Gulf to China is now assessed firmer at between $12.75/13 million. I was taken aback when the neighbor’s kid, just 2 years younger to me, mockingly called me Aunty. Travel restrictions remain complicated and demand for global travel is still abated. 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