Low oil prices helping tanker shipping market to perform better

Muscat: The tanker shipping market is performing better than other shipping sectors because the low oil price has continued to benefit the tanker market in both crude and product sectors, an industry expert said.
“Recent signs of increased demand for crude oil imports in India and China give grounds for optimism. Demand is being generated by the granting of import licences to China’s privately owned ‘teapot’ refineries — a trend that is expected to continue in coming months. Growing near-term Opec supply and declining US production will support tanker demand by increasing voyage distances,” Chris Hayman, Chairman of Seatrade, said.
“New refinery development in the region also bodes well for the product tanker sector, and a tight market for finance will act as a constraint on new orders, despite low prices. Meanwhile the return of Iran to the market adds an interesting new dynamic,” he further added.
Riding on the wave of positive industry news from the tanker shipping market, Seatrade has announced the return of its popular Seatrade Tanker conference, Seatrade Tanker Middle East. The newly rebranded conference will take place as part of Seatrade Maritime Middle East and Dubai Maritime Week.
Reaffirming the decision, Hayman, said: “In light of discussions that we have had with major stakeholders in the industry and general market feedback, I am pleased that we can reintroduce this important theme to the overall programme in the knowledge that the tanker shipping market is continuing to perform well.”
Topics during the half day conference will include a comprehensive discussion of the fundamentals of the crude oil tanker market and an analysis of the factors influencing the shape of product tanker demand and those driving it, including refining, and the composition of the order book. Delegates will be encouraged to enter discussion with the panel speakers and a networking luncheon will follow the morning session.
Seatrade Tanker Middle East, which takes place on Tuesday 1 November in the Forum area at Seatrade Maritime Middle East, will be moderated by Katharina Stanzel, Manager Director of Intertanko, bringing with her significant industry expertise.