rss icon Subscribe
desktop mobile

d’Amico Bullish on Product Tanker Market

Image: d'Amico International Shipping

Laxman Pai

The outlook on the product tanker market is very positive, said Paolo d'Amico, Chairman and Chief Executive Officer of d'Amico International Shipping .

On the demand side, the world product seaborne trade is expected to grow by 3% already in 2019 supported by an expected strong underlying oil consumption growth and by forecasted global refinery capacity additions of 4.9 million barrels a day between 2019 and 2021, he pointed out.

In particular, 2019 is expected to be characterized by one of the largest annual increases in refinery capacity in years, with an estimated additional 3.1 million barrels a day (according to Clarksons).

At the same time, the net fleet growth of the segments we operate in (MRs and LR1s) is expected to be limited and below 2.0% over the next two years.

In addition, the major regulatory change that will come into force in January 2020, limiting the sulphur content in bunker fuels, is widely expected to generate incremental demand for our vessels already from mid-2019.

However, Paolo d'Amico said that 2018 was unfortunately one of the worst years for product tankers in the last decade. The market was relatively weak throughout the first nine months of 2018 and hit historically low rates in the third quarter and the first month of the fourth quarter.

Mar 22, 2019

 

Tankers

Vinci Bags $306mln LNG-Tank Contract in Canada

Pic: Vinci Construction

European contractor Vinci Construction has been awarded  contract to build a 225,000 m3 liquefied

EEDI Phase 3 Compliance for Bulkers, Tankers Looming

© alexyz3d / Adobe Stock

Global shipping remains challenged as the IMO continues down its path of setting ambitious

UK PM to Discuss Grace 1 Tanker with Gibraltar

Grace 1 Credit MarineTrafficDotCom.jpg

British Prime Minister Theresa May will meet with Gibraltar's Chief Minister Fabian Picardo later

Energy

Qatar Ships 3,000th LNG Cargo To Japan

Pic: Qatargas

Qatari liquefied natural gas (LNG) company Qatargas has set another milestone as it successfully

IEA: U.S., China to the LNG Lead by 2024

© Mike Mareen/Adobe Stock

The United States and China will become the world's biggest liquefied natural gas (LNG) exporters

SPARK Joins OSC for $450mln Biz Incubator

Photo: Saudi Arabian Oil Co.

Saudi Aramco's King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd.

Maritime Apps