Bloomberg: due to the "shift" of oil markets to the east, a boom in the construction of tankers began
According to brokers’ calculations, 38 medium-class tankers have been ordered since the beginning of 2023 alone, which is a record since at least 2013. Bloomberg writes that this is due to the recovery of Asian markets and the conflict in Ukraine.
Against the background of the recovery of Asian markets and the opening of new oil refineries, the world is seeing a boom in the construction of oil tankers, Bloomberg reports, citing ship brokers and analysts surveyed.
Ship broker Braemar has estimated that 38 medium-class tankers have been ordered since the beginning of this year, a record since at least 2013. Simpson Spence & Young clarified that for the whole of 2022, international serial numbers - one of the main indicators of orders - were assigned to 31 tankers.
Bloomberg writes that the construction boom is taking place against the backdrop of a “shift” of markets from Europe to Asia and the Middle East, where demand is quickly recovering and new refineries are being built. “This trend <...> has made maritime shipping more profitable and accelerated the construction of new ships,” the article says.
Currently, more than 200 million barrels are transported by sea. compared to 177 million barrels. a year ago, calculated in Kpler Inc. Buyers on the US East Coast are already taking in more fuel from the Middle East and Asia "as European exports dry up," Bloomberg notes. According to the agency, this trend was also exacerbated by the conflict in Ukraine, due to which the demand for fuel transportation by tankers rose to record levels since 2013.
On December 5, EU sanctions began to operate, prohibiting the sea export of Russian-made oil. At the same time, the EU countries and the UK have banned insuring, financing, and providing vessels for the transportation of Russian oil, except in cases where the cost of supplies is below the established limit of $60 per barrel.
In addition to oil tankers, the Financial Times has previously reported record orders for liquefied natural gas (LNG) tankers. According to the newspaper, in 2022 the number of orders for such ships reached 163, which is more than double the figure of the previous year and is a record.
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Korea Shipbuilding & Offshore Engineering, the world's largest shipbuilding company, told the publication that it expects a profit this year after two loss-making years. The trend of increased demand for LNG tankers will continue for at least two to three years, with more than 50 new vessels likely to be ordered, chief executive Ka Sam-Hyun said.
FT analysts attributed a large number of orders to the expansion of Qatar's North Field gas project, which provides for an increase in export capacity from the current 77 million tons per year to 126 million tons by 2027. The International Gas Union (IGU) estimates that this project alone will require about 150 LNG tankers. According to IGU data as of April 2022, there were 641 tankers in the world capable of carrying LNG at minus 163 degrees Celsius.
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