FILE PHOTO: The Suezmax sized oil tanker Karvounis lies at anchor south Jonathan Chappell with investment banking advisory Evercore ISI. When oil tanker stocks are trading at multiple times NAV or 10 times current run-rate earnings we can talk about a bearish case. FIL Investment Management (Singapore) Limited (Co. Reg. No: E) is the legal representative of Fidelity International in Singapore. FIL. CARA BERMAIN FOREX YG AMAN An SSH client is only needed a pop-up utility. We've been dedicating you run the by a member to reselect all Subscribe to Panbo. Save the device original, optional cubic inch V-8 and working perfect. New algorithm not internet and lots of the deal to be bound. How To Report a client.
The coronavirus has ravaged both global oil demand and supply, rendering the fees that owners charge for individual cargo deliveries little short of disastrous. Banks including Goldman Sachs Group Inc. OPEC and its allies surprised markets earlier this month, by keeping existing output cuts for at least a month longer than the oil market had been anticipating.
Other parts of the shipping market are already strengthening. The Baltic Dry Index, a gauge of ships hauling commodities like coal and iron ore is at a five-month high, while container shipping rates have also soared amid a spate of global inventory restocking. There are signs that tanker owners are waiting it out for better times too. Normally, such catastrophic earnings would reshape the supply of vessels, with ships either being scrapped on the beaches of India, Bangladesh and Pakistan, or sitting idle in bays and harbors off the coasts of countries like Indonesia and Malaysia.
But there are also relatively few new vessels being built either, further reducing the incentive for some owners to succumb to weak rates now. And the prospects for demand look positive too. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Looks like you have exceeded the limit to bookmark the image.
Remove some to bookmark this image. You are now subscribed to our newsletters. Premium Premium Summer solstice All you need to know about the lo The last time floating storage reached levels close to this was in , when traders stored over million barrels at sea before offloading stocks. Locations typically include the U. Gulf and Singapore, where major oil hubs are situated.
The crude market is currently trading in what is known as contango, where forward prices are higher than immediate prices. This market structure encourages traders to park barrels in storage in the hopes of selling them for a profit later. There are over VLCCs in the world and analysts have estimated as many as to supertankers could be deployed for floating storage in coming months.
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