Categories: Stocks News

So has impacted the crisis in the oil prices and the rates of the ‘tankers’

Related news

The energy sector has been one of the most affected by the crisis of the coronavirus, with the price of a barrel of Brent falling 40% in dollars and West Texas, reference USA, 39%. However, the market of the ‘tankers’ has been a significant rise, despite the fact that several sectors of the maritime industry have been severely affected by the closing of ports and the fall of the demand.

The excess supply of crude oil and other fuel products, led by Saudi Arabia and other OPEC members, has been compounded by the demand severely decreased caused by the mandatory quarantine. This and the lack of storage on land to accommodate the excess oil products has caused the rates of the ‘tankers’ to increase astronomically.

In mid-march, the freight rates for oil tankers of crude oil of great size, also known as supertanqueros (VLCC), have surged nearly 10 times after Russia and Saudi Arabia said it would boost production, thereby initiating a price war that led to a fall in the oil prices. In such a way that in the first half of 2020, the daily rate of transportation of crude oil averaged $68,600 in key routes.

Today, these rates have returned to around $30,000 and is expected to worsen even more. BP, for example, recently posted to a carrier of crude oil (VLCC) Gene the daily rate of transportation of crude oil to To 20,500 dollars for three months and has the option of extending for a further three months to $ 22,000 per day.

On the other hand, the main traders of oil as Trafigura, Vitol, Litasco and Glencore they are once again booking tankers to store millions of barrels of crude oil and refined fuels in the sea with the global economic recovery from the pandemic coronavirus that shows signs of stagnation.

The booking of the ‘tankers’ has risen in a context in which the Brent contango has widened to around $3 per barrel compared to $2 per barrel last month. Low supply of ‘tankers’ and growing contango help support storage supertanqueros.

*** Igor Kuchma analyst at Trading View.

Ryan Helton

A Stock enthusiast since childhood, Ryan is known for his impeccable knowledge in the technology and gadgets niche. He has been working with eTrendy Stock as a contributor for most stock category and his articles are always well-researched and accurate.

Recent Posts

Global Side Hustle Revolution: Remote Workers Flock to InvroMining Cloud Mining, $100 Daily Earnings Becoming the New Normal

London, UK, 28th July 2025, ZEX PR WIRE, Globally, “telecommuting” and “digital side hustling” are…

5 hours ago

EarnMining app brings stable daily BTC rewards regardless of BTC price fluctuations

New York, 28th July 2025, ZEX PR WIRE, Although market forecasts suggest substantial growth, Bitcoin’s history…

5 hours ago

300,000 ETH Withdrawn from Exchanges: Find Mining Launches Zero-Entry Cloud Mining with Potential Daily Earnings up to $12,000

Amid significant ETH outflows from exchanges, Find Mining unveils an innovative cloud mining platform designed…

5 hours ago

Whale Sells 80,000 BTC, Sparking Panic: SunnyMining Launches BTC Cloud Mining Contracts to Turn Bitcoin into Daily Passive Income

San Francisco, California, 28th July 2025, ZEX PR WIRE, A major early Bitcoin whale recently…

5 hours ago

Bitcoin surges 10%, FindMining launches high-yield cloud mining contracts to convert BTC into daily income

Bitcoin surges 10% driven by institutional adoption, regulatory progress; Bitwise CIO predicts a boom for…

1 day ago

Amid the $43 Billion Crypto Boom, Find Mining Offers Free Cloud Mining to Help Users Earn Passive Income

In response to the “crypto treasury” boom, Find Mining bridges the last mile for everyday…

1 day ago