THE flow crude oil to China from global sources has been slowing, experiencing a decline since the first quarter, reports Hellenic Shipping News Worldwide.
April concluded with a decline in monthly volumes of Chinese crude imports, and May's indicators are not encouraging. Meanwhile, Saudi Arabia has recorded its lowest levels since the beginning of the year.
The recent period of tight supply in mega tankers has buoyed freight market sentiment temporarily, but the demand outlook remains uncertain.
Chinese crude oil imports, and May's indicators are not encouraging. Meanwhile, Saudi Arabia has recorded its lowest levels since the beginning of the year.
As May unfolds, the sentiment surrounding crude oil market price trends appears stable. Nevertheless, the VLCC MEG-China route has seen a significant annual increase, standing out amid this apparent stability.
The VLCC MEG-China freight rates rose above 65WS, indicating a significant 40 per centannual increase compared to a similar week in May last year.
Suezmax freight rates for shipments originating from West Africa to continental Europe have maintained a level above 100WS since the end of April, indicating a 10 per centannual increase. In the Suez Baltic Med route, rates are now standing above 110WS, almost two per cent higher than a month ago.
Aframax Med freight rates are currently hovering around xs WS160, marking a drop of nearly 20 points since the end of April. It remains uncertain whether the market will revisit its peak at the end of January, when rates surged past WS200.
SeaNews Turkey
April concluded with a decline in monthly volumes of Chinese crude imports, and May's indicators are not encouraging. Meanwhile, Saudi Arabia has recorded its lowest levels since the beginning of the year.
The recent period of tight supply in mega tankers has buoyed freight market sentiment temporarily, but the demand outlook remains uncertain.
Chinese crude oil imports, and May's indicators are not encouraging. Meanwhile, Saudi Arabia has recorded its lowest levels since the beginning of the year.
As May unfolds, the sentiment surrounding crude oil market price trends appears stable. Nevertheless, the VLCC MEG-China route has seen a significant annual increase, standing out amid this apparent stability.
The VLCC MEG-China freight rates rose above 65WS, indicating a significant 40 per centannual increase compared to a similar week in May last year.
Suezmax freight rates for shipments originating from West Africa to continental Europe have maintained a level above 100WS since the end of April, indicating a 10 per centannual increase. In the Suez Baltic Med route, rates are now standing above 110WS, almost two per cent higher than a month ago.
Aframax Med freight rates are currently hovering around xs WS160, marking a drop of nearly 20 points since the end of April. It remains uncertain whether the market will revisit its peak at the end of January, when rates surged past WS200.
SeaNews Turkey
