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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.
FREIGHT
While tanker rates have been pressured recently amid weaker seasonal trends, OPEC production cuts, and lower crude demand out of Asia, Bloomberg expects some strength due to a favourable supply-demand environment through 2025.
- Time-charter rates for VLCCs have been seen declining recently as the industry moves into the weaker summer season, coupled with OPEC cuts in the Gulf.
- VLCC rates are down 56% on average year-to-date and 58% on the year.
- However, underlying crude tanker fundamentals are poised to remain strong into 2025 given the low order book, supportive for long-term rates.
- Longer tonne miles from Red Sea-related disruptions will also support rates, Bloomberg said.
- The number of crude tankers moving through the Suez Canal was 35 over the past seven days, down 52% year-on-year.
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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