MR Charter Market Took an Unexpected Hit in Q2

first_imgzoomImage Courtesy: Ardmore Shipping  The medium range (MR) product tanker market sustained an unanticipated blow from a number of one-time events in the second quarter of 2018, Anthony Gurnee, Chief Executive Officer of Ardmore Shipping, said in a conference call.These events included lower demand at the Atlantic Basin as a result of localized factors in the key consumer markets in Brazil, Mexico and West Africa, largely political issues, according to Gurnee, followed by high oil and bunker prices as well as weak crude tanker market.As a result of the unprecedented downturn of the crude oil taker market, fueled by geopolitical tensions and tonnage oversupply, crude tanker owners have started taking a portion of the product tanker cargoes to ease their woes.“Crude tanker market weakness resulted in some encroachment to product tanker trades, particularly Aframax newbuildings competing with LR2s,” he said. “Having said that, we feel that the impact of crude tankers on MR trade is limited, probably well under 1% of overall supply.” However, despite the quarter being unexpectedly tough, Gurnee believes that moving ahead the outlook is positive as MR supply growth remains at all-time lows.“We’re forecasting 23 MRs to deliver over the remainder of 2018, with 29 delivered year-to-date, and this is compared to the 5-year historical average of 112 per year. Scrapping has increased with 31 MRs scrapped year-to-date, indicating a run rate of approximately 50 to 60 per year, and as a consequence, MR fleet growth net of scrapping is expected to be well below 1% in 2018 and into 2019,” Gurnee  explained.Furthermore, demand fundamentals remain solid in terms of oil consumption growth and export-oriented refinery capacity development.“Atlantic Basin cargo volume should return to normal levels in the second half as the short-term factors play themselves out. Refined product inventories are well below 5-year averages, and with refinery throughput set to increased by further 2 million barrels a day in the third quarter to all-time highs, the conditions are in place for an increase in CPP trading activity,” he added.Ardmore also believes that the IMO 2020 sulphur regulations will have a positive impact on the market as of next year boosting ton demand and demand growth for product tankers.Ardmore Shipping Corporation reported a net loss of USD 13.7 million for the six months ended June 30, 2018, sinking further into the red from last year’s USD 4 million, mostly driven by challenging charter market conditions.Spot and pool MR tankers earned an average of USD 12,086 per day, while chemical tankers earned an average of USD 12,816 per day for the six months ended June 30, 2018.World Maritime News Stafflast_img read more

Angry mob ransacks tantriks house sets vehicle on fire

first_imgKolkata: Local residents of Swarupnagar in North 24-Parganas on Thursday set a woman’s house on fire suspecting her to be a tantrik. They were infuriated over her alleged occult practices.The accused woman, Alpana Ghosh, and her husband Nityananda are at present absconding. A large contingent of police went to the spot and pacified the angry mob. Local residents alleged that Alpana and her family has been staying in Kabilpur village for the past three years. People from distant areas had been visiting Alpana for treatment of their chronic diseases and to fulfill their dreams. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaA local resident alleged that Alpana had fanned the desire of woman, who wanted to fulfill her sadhana through human sacrifice. A 65-year-old woman allegedly had a dream where she was instructed that to fulfill her sadhana she had to sacrifice the lives of seven people. Local residents said about two months ago, Alpana had prescribed some roots and a chemical to a three-year-old girl to cure some ailment. The girl, Rani Ghosh, had to be taken to RG Kar Medical College and Hospital after she consumed the root and chemical and the doctors had declared her dead on arrival. Also Read – Bengal civic volunteer dies in road mishap on national highwayAnother girl, Rinki Ghosh, a Higher Secondary student, was also administered the chemicals and roots. At present, she is battling for her life at RG Kar Medical College and Hospital. Once the news reached the village, local residents attacked the house of the tantric and ransacked it. They set her car and house on fire. Initially, Alpana tried to pacify the mob but when she failed to do it she left the spot with her husband. A massive hunt is on to nab both of them.last_img read more