hit tracker
Monday, June 5, 2023
HomeLatest NewsBloomberg: Oil markets shift east led to tanker construction boom KXan 36...

Bloomberg: Oil markets shift east led to tanker construction boom KXan 36 Daily News

Date: June 5, 2023 Time: 07:19:39

Thus, according to the agency, Braemar has already received orders for 38 medium-class tankers this year, making the first quarter one of the busiest since 2013.

And according to Simpson Spence & Young, the number of ships assigned international serial numbers (another indicator of order) is already 28 this year (31 ships in 2022).

The publication notes that inefficient refineries in the US and Europe have closed after the Covid-19 pandemic reduced demand for fuel, while new complexes were built in Asia and the Middle East.

The subsequent recovery in demand has led to an increase in the rates that the existing fleet can charge, making shipping more profitable and speeding up the construction of new ships, Bloomberg writes.

According to Braemar senior analyst Alexandra Alatari, the geographic shift between new refineries and major consumers is a major structural shift in the industry landscape.

It was previously reported that Saudi Aramco will build an oil refinery in China.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

Most Popular

Recent Comments