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BWM Convention and OPEC production cuts
It has been a rollercoaster few months for tanker markets with a two-year long boom tailing off over the summer, but some interesting new factors are coming into play over the medium term.
1 Min Read
Kalyakan - stock.adobe.com
The last month has seen two different events that have taken a long time to happen, which are examined in this updated White Paper.
First was the ratification of the Ballast Water Management Convention in September this year, and which will then come into force in on 8 September 2017 and have major cost implications for owners of older vessels, and could lead to more scrapping helping the demand and supply balance.
On the flipside, OPEC has just agreed its first production cuts in eight years which flags a negative impact on the tanker market, which has been a major beneficiary of low oil prices.
Along with a revised markets section see what Seatrade Maritime News has to say about the future of tanker markets.
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