World Oil Tanker Market Weekly Report (2010.11.4)

This week, international oil prices have risen. On Thursday, the spot price of Brent crude oil was US$87.14 per barrel, up 4.91% from last Thursday. According to Clarkson data, since the beginning of this year, the capacity of the entire tanker market has been increasing, from 5270 ships at the beginning of the year to 5441 at the beginning of this month, from 434.1 million dwt to 449 million dwt, and the continuous increase in capacity has increased. The whole market has a lot of goods. The Baltic Exchange crude oil comprehensive freight index reported 773 points on Thursday, up 3.9% from last Thursday; the refined oil comprehensive freight index reported 602 points on Thursday, down 3.53% from last Thursday.

Super Large Oil Tanker (VLCC)

This week, the overall turnover of super-large tankers was more than that of last week. Among them, the number of pallets to Asia and North America was more. The number of pallets to South Korea increased from 5 in the previous week to 10 this week. The pallets to India have In seven vessels, the number of pallets arriving in the United States increased by one compared to last week. The freight rates of all the routes of this type of vessel increased as a whole. On Thursday, the freight rate of 260,000 tons from the Gulf to Japan was reported at WS77.44, which was 38.51% higher than that of last Thursday; the freight rate of 260,000 tons from West Africa to China was reported at WS56.57, up 7.1% from last Thursday; The 280,000-ton class shipping price to the US Gulf was reported at WS47.13, up 28.31% from last Thursday; the 260,000-ton class shipping price from West Africa to the US Gulf was reported to WS53.86, which was 0.33% lower than last Thursday; Persian to Singapore's 260,000-ton shipping price was reported to WS77.78, up 38.42% from last Thursday.

According to Clarkson data, the launch rate of ships this month has slowed down compared to previous months. As of the end of October, the number of oil tankers used for oil storage was 16, which was a reduction of nearly 60% from May, and it was the lowest since the end of 2008. This quarter is the traditional peak season for tanker transportation. The gradual turning of the weather has strengthened the factors of the peak season. Demand for oil has been further stimulated by the major petroleum-consuming countries in the northern hemisphere, resulting in a trading volume of this type of ship over the past few weeks. The big changes, especially the Chinese oil traders, are very active. Currently, 12 oil tankers have been sold on the COA contract. The volume of the pallets on the spot market is also gradually increasing, absorbing some of the excess of the previous model. With regard to capacity, the capacity of the Middle East market has tightened and various factors have contributed to the increase in the freight rate of this type of ship. However, the Suezmax market situation in West Africa is not optimistic and will drag down the VLCC west African market's freight rates.

Suezmax

This week, the overall freight rate of the Suezmax tanker fell across the board. On Thursday, shipments from West Africa to the US East at 130,000 tons were reported at WS72.86, down 1.59% from last Thursday. Shipping rates from the Black Sea to the Mediterranean at 135,000 tons were reported at WS74.81, down 15.19% from last Thursday. According to Clarkson's data, the capacity of this type of ship earlier this month increased by about 15 vessels compared to the beginning of the year, which means an increase of 2.48 million dwt. The trading volume of this type of ship was relatively stable, resulting in a continuous decline in the freight rate for this type of ship for two weeks. The market situation of VLCC is relatively clear this week, and VLCC's tighter capacity in the West African market will become a favorable factor for the Suezmax-type West Africa route.

Aframax tanker (Aframax)

This week, the trading volume of Aframax-based oil tankers remained at the same level as that of last week, and the overall freight rates of various routes decreased or increased. On Thursday, the freight rate from the North Sea to Europe (TD7) route reported to WS89.5, which was 8.42% lower than last Thursday; the freight rate of the trans-Mediterranean route (TD11) was reported to WS86.25, which was 11.89% lower than last Thursday; the Black Sea to the Mediterranean Sea ( TD16) route freight was reported to WS182.50, up 18.02% from last Thursday. According to Clarkson's data, the size of the fleet has been increasing since the beginning of this year, with an average monthly delivery rate of 4 vessels. The global demand for refined oil has been relatively stable, and the volume of pallets has not changed much. The situation of supply oversupply in the market will deteriorate further.

Product tanker (Product)

This week, the total volume of pallets of finished oil tankers was 9 more than last week, among which the Panamax ship's pallets saw a larger increase, from 6 ships last week to 17 ships this week, and the freight rates of major routes fell. On Thursday, the 75,000-ton freight rate from the Gulf to Japan (TC1) route was reported at WS89.73, up 0.54% from last Thursday; the 37,000-ton freight rate from the Rotterdam to New York (TC2) route was reported at WS124.17. It fell 2.79% last Thursday; the 55,000-ton freight rate from the Baltic Sea to Europe started to decline this week after a ten-day increase, and this week reported WS183.57, down 9.51% from last Thursday. Due to the lack of pallets on the Mediterranean route, freight rates are still falling.

In general, the changes in the four typical ship markets in the international oil tanker market this week are as follows: VLCC: up; Suezmax: down; Aframax: down or up; Product: down.