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Tanker market continues to tank; LNG vessel hire rates expected to tighten in the next 18 months
Aug 30: Even though crude oil demand has been buoyant, an increase in shipping capacity is holding down tanker rates.
8In the first half of 2017, VLCC rates were down 25%
8For other types of tankers, the rates wete down anywhere between 18 to 25%
8Impacted by dropping rates and rising fuel prices, daily revenues are down anywhere between 45 to 60% for shipping companies.
LNG vessels market: More vessels puts pressure on rates but sentiments likely to improve
8At the end of 2016, there were a total of 478 LNG vessels in operation around the world. During the first half of 2017, the fleet size has expanded to over 500 LNG vessels, creating certain level of pressure on the balance of demand and supply.
8The LNG market however is expected to tighten up in the next 18 months by the time GAIL fully hits the market with its US LNG cargoes.
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