Connect with us

Business

Weak Oil Demand Set To Keep Crude Tanker Rates Low – OilPrice.com

Published

 on



Weak Oil Demand Set To Keep Crude Tanker Rates Low | OilPrice.com

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Related News

Aframax tanker

Crude oil tanker rates—which fell in September to their lowest since 2003 on the key route from the Arabian Gulf to Asia—are expected to remain low until global oil demand increases, the U.S. Energy Information Administration (EIA) said on Wednesday.  

Earlier this year, between March and May, crude oil tanker rates spiked as refiners rushed to snap up cheap oil cargoes when prices were in the teens, while demand for floating storage soared amid crashing demand for fuels in the pandemic. 

In the brief Saudi-Russian price war in March and early April, supertanker owners were the winners, as the spat coincided with the start of the lockdowns in major economies and increased the global oil glut. Shipping companies had a field day with Saudi Aramco booking tankers en masse to flood the market with oil, while traders scrambled to charter tankers for floating storage to sell at higher prices later.

According to EIA estimates based on Bloomberg data, tanker rates for one of the key global tanker routes—the Arabian Gulf to Japan—were the highest in mid-March since at least 2000, except for a brief spike in tanker rates in October 2019 as a result of U.S. sanctions on Chinese shipping firm COSCO.

The tanker industry faces several challenging months, the world’s biggest international shipping association BIMCO said in an analysis in early September.  

“The lower aviation and transport demand, and fundamentally lower oil consumption, will hurt the industry for at least 15 months,” Peter Sand, Chief Shipping Analyst at BIMCO, wrote.

“For the remainder of this year, the tanker shipping industry will find itself paying for the highs it reached in the second quarter. The higher demand for shipping at the time was not because of higher immediate consumption, but because of future demand being brought forward as importing refiners sought to benefit from the lower price,” Sand said.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Related posts

Let’s block ads! (Why?)



Source link

Continue Reading

Business

'People should not go out' — Pandemic hitting Windsor-Essex harder than ever, top doc says – Windsor Star

Published

 on


Article content continued

Roughly 1,000 of those cases were reported since Nov. 1

WINDSOR, ON. Friday, Dec. 4, 2020 -- This graph from the Windsor-Essex County Health Unit shows the breakdown of COVID-19 exposure types in the region as of Friday, Dec. 4, 2020. (VIA THE WECHU / WINDSOR STAR)
This graph from the Windsor-Essex County Health Unit shows the breakdown of COVID-19 exposure types in the region as of Friday, Dec. 4, 2020. Photo by Via the WECHU /Windsor Star

Approximately 25 per cent of recent cases have no epidemiological link, Ahmed said, meaning those individuals do not have a known exposure source, like a household contact with COVID-19 or exposure through a known workplace outbreak. In other words, a quarter of the region’s cases are being attributed to community spread.

The other most common infection source is household contact.

“When someone is infected, they are potentially infecting pretty much everyone else in their house,” Ahmed said. “Maybe, yes, you are healthy. Maybe you can recover from the virus, but some people cannot…. It’s something to be mindful of in terms of our responsibility in our activities when we are not at home.”

WINDSOR, ON. Friday, Dec. 4, 2020 -- This graph from the Windsor-Essex County Health Unit shows the region's rate of COVID-19 infection is roughly 73 cases per 100,000 population as of Friday, Dec. 4, 2020. (VIA THE WECHU / WINDSOR STAR)
This graph from the Windsor-Essex County Health Unit shows the region’s rate of COVID-19 infection is roughly 73 cases per 100,000 population as of Friday, Dec. 4, 2020. Photo by Via the WECHU /Windsor Star

The case rate for Windsor-Essex is currently 73 per 100,000 population, far exceeding the 40 case threshold that landed the region in the “red zone” with tightened restrictions on social gatherings, among other things.

Wastewater COVID-19 surveillance being performed by a team of University of Windsor researchers shows the prevalence of virus indicators in wastewater — shed by residents in fecal matter — is “clearly surpassing the active cases, so in the next couple of weeks we may see more cases,” Ahmed said.

WINDSOR, ON. Friday, Dec. 4, 2020 -- This graph from the Windsor-Essex County Health Unit shows wastewater data collected by a team of University of Windsor researchers looking at the presence of COVID-19 indicators in the region's fecal matter on Friday, Dec. 4, 2020. (VIA THE WECHU / WINDSOR STAR)
This graph from the Windsor-Essex County Health Unit shows wastewater data collected by a team of University of Windsor researchers looking at the presence of COVID-19 indicators in the region’s fecal matter on Friday, Dec. 4, 2020. Photo by Via the WECHU /Windsor Star

Last week, approximately 6,500 COVID-19 tests were completed in Windsor-Essex, with about four per cent of those tests coming back positive.

To deal with the increased demand for testing, Erie Shores HealthCare is expanding its testing capacity and adding 50 additional appointments to its schedule, Ahmed said. That announcement comes one day after the top public health doctor expressed his concern over a days-long wait for testing appointments in the region.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

How the Wealthy Could Start a Black Market for Vaccines – Inside Edition

Published

 on


[unable to retrieve full-text content]

  1. How the Wealthy Could Start a Black Market for Vaccines  Inside Edition
  2. Facebook to remove COVID-19 vaccine-related misinformation  CTV News
  3. How many people need to be vaccinated for a return to normal?  Quartz
  4. Belgium’s only dry ice manufacturer overloaded | Corona vaccine | COVID-19 | World News  WION
  5. Hackers target groups in COVID-19 vaccine distribution, says IBM  Reuters
  6. View Full coverage on Google News



Source link

Continue Reading

Business

COVID-19: Alberta positivity rate reaches milestone of 10.5 per cent, province adds 1,828 new cases – Edmonton Journal

Published

 on


Article content continued

Yiu said AHS also plans to increase the number of people who do contact tracing to 1,800 by the end of the year. She said it has been challenging to keep up with the demand following the surge in cases over the past six weeks.

Meanwhile, health-care workers are asking Albertans to stay home if they can and wear a mask at all times if they have to go out in public. In a media release on Friday, United Nurses of Alberta president Heather Smith said health-care workers won’t be able to get the virus under control if Albertans don’t follow public health measures.

On Thursday, Edmonton Public Schools recorded single cases linked to Bessie Nichols, Calder, Dr. Lila Fahlman, Homesteader, Eastglen, McNally, Harry Ainlay, Queen Elizabeth, Delton, Jan Reimer, T.D. Baker, Crawford Plains, Thorncliffe, Stratford, Kim Hung, Ross Sheppard and Evansdale. Two cases were linked to Mount Royal, Dr. Margaret Ann Armour and M.E. LaZerte.

Edmonton Catholic School Division recorded single cases linked to St. Francis Xavier, St. Elizabeth, St. Peter Centre, LINC – Daytime program, LINC – Evening program, Archbishop MacDonald, St. Oscar Romero,  St. Bonaventure, Our Lady of the Prairies, Mother Margaret Mary, LINC One World One Centre, St. Edmund and Holy Trinity. Two cases were linked to Our Lady of Peace.

Across Canada, there are 69,255 active cases and 12,407 deaths related to COVID-19 as of Thursday.

jlabine@postmedia.com

Twitter.com/jefflabine

Let’s block ads! (Why?)



Source link

Continue Reading

Trending