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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Oil supply cuts from Saudi Arabia and Russian are curbing the demand for tankers, leading to a decline in the crude shipping costs according to Bloomberg. Saudi Arabia’s production cuts and Russia’s export curbs were last week both expected into September.
- Shipping rates for vessels from mid-sized Aframaxes to supertankers have eased in recent months. Rates for mid-size Aframaxes are near the lowest since June 2022 falling to $5,905 from more than $30,000 a month ago according to Baltic Exchange.
- Earnings for Suezmax tankers from the Black Sea to the Mediterranean have fallen to the lowest level since February 2022 but VLCCs, have seen a less pronounced decline.
- Supply disruptions in Iraq and Nigeria have also been a factor according to Richard Matthews at shipbroker EA Gibson.
- Even increased tensions in the Black Sea has done little to propel shipping costs higher as some fear it could force vessels to trade outside the region, further weighing on rates according to Bloomberg.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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