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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
Chartering costs for Suezmax class vessels, the largest that can pass the Suez, have jumped as more ships opt to sail around Africa.
- More vessels are getting tied up on longer journeys, hampering availability.
- Supertankers face business as usual because they do not use the waterway.
- This week, provisional chartering rates for a Suezmax tanker to move oil from Iraq to the Mediterranean rose above 90 worldscale points according to Bloomberg reports from shipbrokers – up from 75-85 points in provisional bookings made in the past week.
- Rates for LR-ships from the Middle East to Northwest Europe — or TC8 route — also jumped to the highest since January, according to Baltic Exchange data Bloomberg reported.
- Red Sea oil and oil product movements have averaged around 8.2mn bpd in 2023 according to Vortexa.
- LR tanker rates have also surged due to Panama Canal issues caused by record-low water levels.
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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