World News
Fredriksen: Crude Tanker Market Far from Recovery
Shipping billionaire John Fredriksen predicts that the crude oil tanker market will not recover for at least two more years, although he is somewhat more optimistic about product tankers and dry bulk carriers, Reuters reports.
"The oil tanker market, it is pretty bleak over the summer," he said.
"I do not see any special things before at least another couple of years…. At least, for the crude oil tankers."
Tanker company Frontline 2012 Ltd. (Frontline 2012), in which Fredriksen is the biggest investor, has spent $2.6 billion buying fuel-efficient new product tankers, and Fredriksen said that segment is more ripe for investment than the crude carrier market.
"I am more optimistic about the oil products market," he said.
"We have taken some substantial positions.... We have ordered a lot of eco-friendly ships."
He added that he is also more optimistic about dry bulk shipping, hoping for a recovery in that market by the middle of next year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 493.50 | 8.50 | 606.00 | 11.00 |
| Rotterdam | 450.00 | 5.00 | 599.50 | 20.00 |
| Houston | 458.00 | 9.00 | 618.00 | 7.00 |
| Fujairah | 483.00 | 12.00 | 703.00 | 9.50 |
| Global 20 Ports Average | 521.00 | 3.50 | 705.50 | 5.00 |
| Global 4 Ports Average | 471.00 | 8.50 | 631.50 | 12.00 |
| Global Average Bunker Price | 564.00 | 6.50 | 741.50 | 6.00 |
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