News Headlines:
UAE Could Become First OPEC Producer To Pledge Net-Zero By 2050 (OilPrice)
If the Gulf oil producer joins major industrialized nations in the net-zero emissions commitments, it will become the first major petrostate to balance major emission-reduction goals with its important oil and gas industry. Around 30 percent of the country’s gross domestic product (GDP) is directly based on oil and gas output, according to OPEC.
World Fleet To Grow By 6.4% Over The Coming Five Years, Down From 7.4% In Previous 5 Years (Hellenic)
Global shipyards are under pressure and 2021 is turning out to bring the third lowest level of newbuilding orders in 12 years. The crude tanker fleet consists of 2,976 ships and 34% of that fleet consist of ships in the range of 80,000-120,000 dwt. While crude tankers have faced a rough patch during the pandemic, the fleet has seen more than 40 new orders during the year to date. Additionally, the fleet is expected to expand in the longer term by 2.8% on average each year until the end of 2025, with VLCC driving most of the growth.
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FIS Tankers Daily Report 2021-06-25
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