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Low oil, Covid create volatile year for shipping: report DUBAI, December 30, 2020 The coronavirus pandemic caused a major disruption across the global economy with the collapse in oil demand and new lockdowns leading to an immensely volatile year for the shipping market, a report said. The market analysis by the Signal Group, a diversified shipping services group, based on The Signal Ocean Platform using Signal Maritime’s data takes a look selectively at a range of vessel segments and regions covering crude tankers, product tankers as well as dry vessels. Dirty Tankers – VLCCs In the dirty tankers segment, TCE rates for VLCCs fluctuated from highs to lows within a few months. This tanker segment had a positive momentum in March as crude exports increased driving VLCC demand and freight rates upwards. Following a dramatic collapse of Opec+ discussions on March 6th where Russia responded with “Nyet” to oil production cuts, Saudi Arabia announced that ....