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The Singapore Chamber of Maritime Arbitration (SCMA) and Institute of Chartered Shipbrokers (Singapore Branch) have inked a Memorandum of Understanding (MoU) to promote the cross sharing of knowledge.
Spot rates for crude tankers are expected to be negatively impacted later this year and into 2021, though tanker supply fundamentals can offer a positive counterbalance, according to Teekay Tankers.
MISC announced that its wholly-owned subsidiary AET Tanker Holdings has clinched long term charter contracts for three newbuilding suezmax shuttle tankers from Brazil’s Petrobras.
The long term outlook for the product tanker market appears grim with expectations of lethargic growth in oil demand made worse by refinery capacity expansions, according to a latest forecast by shipping analyst Drewry.