News Headlines:
OIL DAYBOOK EUROPE: Cheap U.S. Crude Flows to Asia; Pemex Woes (Bloomberg)
Asian buyers are snapping up cheap U.S. crude cargoes despite demand concerns due to the latest coronavirus resurgence, with the flurry of deals likely to be at the expense of Middle Eastern barrels. Chinese, Indian and South Korean companies have purchased at least 7 million barrels this month for arrival through October to November, said traders.
VLCCs opt for slow steaming while riding through a challenging market (Tradewinds)
According to Vortexa’s freight analytics, the average ballasting speed of VLCCs has slowed down by over 10% from 12 knots at the start of the year to 10.6 knots in early August. In a hope to reduce fuel consumption as tanker earnings face mounting pressure from high bunker prices and a soft tanker market.
To view the market curves please click below:
FIS Tankers Daily Report 13.08.21
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