Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks.
The 400-metres long Ever Given has been stuck in the canal since Tuesday 23 March 2021 and efforts are under way to free the vessel although the process may take weeks amid bad weather.
The suspension of traffic through the narrow channel linking Europe and Asia has deepened problems for shipping lines that were already facing disruption and delays in supplying retail goods to consumers.
Analysts expect a larger impact on smaller tankers and oil products, in particular naphtha and fuel oil exports from Europe to Asia, if the canal remained shut for weeks.
More than 30 oil tankers have been waiting at either side of the canal to pass through since Tuesday, shipping data on Refinitiv showed.
“Aframax and Suezmax rates in the Mediterranean have also reacted first as the market starts to price in fewer vessels being available in the region,” shipbroker Braemar ACM Shipbroking said.
At least four Long-Range 2 tankers that might have been headed towards Suez from the Atlantic basin are now likely to be evaluating a passage around the Cape of Good Hope, Braemar ACM said. Each LR-2 tanker can carry around 75,000 tonnes of oil.
It is a proficient article that you have shared here about fuel oil. I got some unique and valuable information from your article. Thankful to you for sharing this article here.
ReplyDeletehigh quality bunker fuel oil
Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. I hope you post again soon. Big thanks for the useful info. Russia Export Data
ReplyDeleteWe are best Import export data give a vest best quality services and free demo
ReplyDelete