Oil prices plunged into a tanker market, "gift"
The collapse of the oil price makes the Western economy in a state of shock, but this has become a gift of oil industry.
With oil prices plummeting 50% since last summer, OPEC countries have raised their oil production, China's reserves of cheap oil, oil demand and tariffs on the market have soared. Among them, large oil tankers for the Middle East - Asia routes oil tanker daily profit has reached 90,000 US dollars, far more than 10,000 US dollars / day operating costs. In 2012 and 2013, the average daily rent for the vessel is only around $ 25,000.
According to the Global Post, Nikolai Stavseth, an analyst at Arctic Securities, said the lower oil price environment is very positive for crude oil tankers. In addition to its strong fleet of charter demand, large shipowners, such as COSCO, Euronav, MTR Mitsui, etc., while the fuel price can be reduced by nearly half of the substantial reduction in operating costs.
Relatively low fuel can make the ship to improve the speed, while gaining new market profits. Bloomberg reported that due to lower fuel prices, some oil refineries to the European market, oil tankers sometimes choose not to take the Suez Canal, but to Africa to bypass, so that these ships can dock more ports. While traders choose to rent vessels for floating oil storage due to lower fuel prices and lower rental costs, resulting in higher oil prices in the future.
The demand for the Asian market continues to be a major driver of global crude oil trade as Asian refining capacity increases, said Drewry, a shipping consultancy. Despite China's economic slowdown, China's oil import demand is still in a strong state, which is due to higher demand for domestic oil strategic reserves. At the same time, compared with China's large purchase of low-priced crude oil, the United States from West Africa, the Middle East by Venezuela imports of crude oil is significantly reduced. This means that the global oil tanker's shipping mileage is farther away than in the past few years.
Analysts said that from the past market development point of view, the current crude oil prices and oil tanker prices are in a relatively weak link. Analysts said the fleet size increase in the market is expected to continue the current trend, which will make the demand for VLCC remains strong.
As the refinery in the summer closed maintenance, the current VLCC's daily rental price of $ 30,000 level. But with the demand for refined oil and other oil products growing, the ship's daily rent is expected to double in the fourth quarter.
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