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Wednesday, December 13, 2017

Tanker trends focus at Singapore members lunch

INTERTANKO’s Research and Projects Manager, Erik Ranheim, spoke to Singapore-based members at a lunch on Friday 20th, outlining the current trends in the tanker market and highlighting the key elements likely to influence the industry and world economic growth in 2007.

 

In considering the current world economic status, Ranheim suggested that despite healthy economic growth in 2006 there was a reduction in oil demand in Europe, the United States and Japan. He added that demand is also set to decline in Japan and Europe this year. U.S. demand, however, is due to return in the coming year with the U.S. being one of a few areas of demand growth including the Middle East and China, although demand growth in the Middle East would not, of course, create a growth in tanker demand.

 

Talking on the product side, Ranheim explained that there are different factors to be considered. Until 2009 refinery capacity is set to tighten with a tight refinery capacity itself increasing demand due largely to arbitrage trade. However, Ranheim suggested that a big question mark still exists over the new refineries in the Middle East and Far East in terms of when these refineries would come on online.

 

A copy of the presentation given by Ranheim can be downloaded by clicking here.

 

Contact Erik Ranheim and Tim Wilkins