Home / Shipping News / Hellenic Shipping News / Tanker Trade Still Underwhelming

Tanker Trade Still Underwhelming

The tanker market is still rather undewhelming, as demand hasn’t yet rebounded to a level, sufficient to generate positive momentum. Examining North-West Europe crude oil export trade, shipbroker Banchero Costa said in a recent report that “2020 was overall a very negative year for crude oil trade, although of course the tanker market was partially shielded by the increased demand for floating storage. Total loadings in the 12 months of 2020 were down -5.6% year-on-year to 2027 million tonnes, according to vessels tracking data from Refinitiv. Some exporters were more affected than others. Crude shipments from Saudi Arabia went down by -3.2% y-o-y in 2020 to 357.7 mln tonnes. Exports from the rest of the Arabian Gulf went down by -9.3% y-o-y to 494.3 mln tonnes”.

Source: banchero costa &c s.p.a.

The shipbroker added that “seaborne volumes from Russia went down by -13.9% y-o-y in 2020 to 193.9 mln tonnes. One of the few areas which saw actually positive growth in exports was North West Europe, i.e. Norway and the United Kingdom. Crude oil shipments from Norway and the United Kingdom still managed to increase by +11.1% y-oy in 2020 to 132.1 mln tonnes, which was a significant acceleration as growth was just +1.7% y-o-y in 2019. Norway and the UK combined accounted for 6.5% of global seaborne crude oil exports in 2020. In the first 3 months of 2020, North West Europe exported 33.4 mln tonnes of crude oil, up +13.2% y-o-y. The second quarter of 2020 saw shipments of 32.7 mln tonnes from North West Europe, up a very strong +16.2% y-o-y. In the third quarter, exports declined marginally to 31.0 mln tonnes, which was still up +6.2% y-o-y. The fourth quarter of 2020 saw 35.0 mln tonnes, up +9.1% on a year-onyear basis.

Banchero Costa added that “exports in the first quarter of 2021 were 33.4 mln tonnes, which was almost perfectly flat -0.1% y-o-y on the same (very strong) three-month period of 2020. Exports are almost perfectly split between the two countries. Last year, 66.7 mln tonnes were loaded in Norway, and 65.4 mln tonnes were loaded in the United Kingdom. The main crude oil export terminals in North West Europe are: Mongstad (23.6 mln tonnes loaded in 2020), Sture (14.5 mln t), Hound Point (13.5 mln t), Teesport (12.2 mln t), Sullom Voe (6.5 mln t), Gullfaks Platform (6.5 mln t), Scapa Flow (5.9 mln t), Southwold (4.0 mln t), Asgard A FPSO (3.8 mln t), Alvheim FPSO (3.1 mln t), Glen Lyon FPSO (2.9 mln t), Stratfjord Platform (2.8 mln t), Catcher FPSO (2.6 mln t), Heidrun Platform (2.5 mln t), Armada Kraken FPSO (2.2 mln t), Flotta Terminal (2.1 mln t), Karsto (2.1 mln t), Mariner B FSO (2.0 mln t), Goliat FPSO (1.9 mln t),Beryl Platform (1.7 mln t), Balder FPSO (1.5 mln t), Western Isles FPSO (1.4 mln t), Captain FPSO (1.3 mln t). Trade patterns for Norwegian and British crude exports tend to be fairly short haul. About 27.5% of shipments, or 36.2 mln tonnes in 2020, are regional to other Norway/UK ports (mostly from offshore platforms to shore terminals), from where sometimes, but by no means always, they get reshipped to further destinations”.

Source: banchero costa &c s.p.a.

“The main destination for Norwegian and British crude oil is actually Continental Europe. In 2020, a total of 62.9 mln tonnes, or 47.7% of the total, was shipped to the European Union (27). This included the Netherlands (24.9 mln tonnes, Sweden (12.5 mln tonnes), Germany (9.8 mln tonnes), France (3.6 mln tonnes). In 2020, shipments to the EU27 increased by +6.7% y-o-y. Perhaps surprisingly, as much as 15.1% of total shipments from Norway and the UK, or 19.9 mln tonnes in 2020, goes all the way to Mainland China. Shipments to China surged by +31.8% y-o-y in 2020. Also, 2.9% of exports, or 3.9 mln tonnes in 2020, were shipped to South Korea. 2.2%, or 2.9 mln tonnes in 2020, was shipped to South East Asia”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping