The impact of IMO 2020 sulphur regulations is one of three factors identified by Oslo-based analyst, Rystad Energy, as a determinant of oil prices over the next year.
Malaysia’s MISC was reasonably upbeat on the tanker market going forward but warned that earnings are still being hit as fleet growth continues to put pressure on petroleum freight rates.
For tanker owners, there is much at stake on 22 June when OPEC oil ministers gather in Vienna for what is likely to be a particularly bad-tempered meeting.
Tanker market prospects were a major item of conversation at the annual shipping conference hosted by the Hellenic American and Norwegian American Chambers of Commerce in New York with this year’s theme was “Shipping Survivors”.
A record high crude oil tanker delivery amounting to 5.5m dwt in January has instantly threw the sector's demand-supply out of balance and put pressure on freight rates, according to a latest report by Bimco.
Moore Stephen’s partner Richard Greiner predicts that oil prices will continue to rise, there will be more calls to scrap ships, and the costs of meeting regulatory requirements will become clearer in 2017.
