Page 279 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2024

TANKER MARKET despite the holiday season. This indicated ship-
owners’ confidence in methanol as a fuel for a
Freight Market future with lower carbon emissions. In February,
In January, the global crude tanker map and flows the newbuilding market experienced a slowdown
underwent another restructuring due to the ongo- compared to the robust activity seen in the sale
ing Red Sea crisis and recent international sanc- and purchase (S&P) market during this period.
tions against Russia. OPEC projects an increase In March, tanker ordering, especially for VLCCs,
in global oil demand driven by the booming Chi- surged, led by Greek companies investing in envi-
nese economy. The ongoing Red Sea crisis has ronmentally friendly vessels with scrubbers and
benefited the product tanker market due to the LNG capabilities. Robust sale and purchase (S&P)
increased diesel and fuel supplies to the EU. How- activity, particularly in the Capesize and Newcas-
ever, freight costs, delivery times, and product tlemax segments, highlighted the Greek buyers’
prices have been dramatically impacted. predominance.
In February, the tanker market recorded high In April, there was a noticeably strong demand
freight rates, especially in the product sector, for modern tankers, as indicated by the increased
marking a departure from previous downward shipbuilding activity and high interest in vessels
trends. This surge was primarily attributed to the for sale.
ongoing crisis in the Middle East and rising bun-
Demolitions
1,800.00 BDTI index In January, the ship recycling market experi-
BCTI index enced a downturn due to a lack of vintage ton-
nage on offer.
In February and March, the ship recycling market
faced challenges marked by stagnation and cau-
tious trading in key regions such as India, Bangla-
desh, Pakistan, and Turkey. Owners hesitated to
scrap vessels due to improving freight rates and
rising second-hand values, limiting vessel sales,
particularly of older units.
Despite the challenges, including a downturn in
ship recycling rates, a rebound was anticipated in
March and April, driven by upcoming newbuilding
0 deliveries and changes in consumer behaviour.
03.01.2023 03.03.2024

Graph 1: Baltic Dirty Tanker and Clean Tanker Index 60,000,000 Tankers Orderbook (DWT) 9%
Total Tanker Orderbook % Fleet
ker prices. Additionally, impending US sanctions 8%
on Venezuela’s oil industry raised concerns about 50,000,000
potential disruptions to oil supply, adding further 7%
complexity to market dynamics.
March witnessed dynamic activity across the 40,000,000 6%
tanker market. Positive freight market prospects
were anticipated despite challenges, with rising 5%
costs for crude tankers and declining rates for 30,000,000
product tankers. 4%
In April, analysis pointed towards a potential
rise in demand for crude and product tankers, 20,000,000 3%
driven by geopolitical tensions and increased
orders. Emerging oil markets like Namibia could 2%
offer new opportunities for the tanker industry, 10,000,000
with significant hydrocarbon potential attracting 1%
major investments.
0 0%
Newbuilding - Sales & Purchase Jan 23 Mar 24
During January, shipbuilding recorded a surge in
orders for various vessel types, including VLOCs, Graph 2: Orderbook for Tankers

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