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Week 35: Crude Tanker Industry Had a Mixed Performance

PART:
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Part 3
Week 35: Crude Tanker Industry Had a Mixed Performance PART 3 OF 4

How Crude and Bunker Fuel Prices Fared in Week 35

Week 35

In the previous part of this series, we saw that average VLCC (very large crude carrier) rates fell to multiyear lows. On the other hand, Aframax and Suezmax rates rose in week 35 (week ending September 1, 2017). In this part, we’ll discuss how crude oil prices and bunker fuel prices fared in week 35.

How Crude and Bunker Fuel Prices Fared in Week 35

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Crude oil prices

Brent crude oil prices were $52.8 per barrel on September 1, 2017—a slight rise from $52.4 per barrel a week ago on August 25, 2017. Last week, Hurricane Harvey had a negative impact on US crude oil (USL) (OIIL) prices. WTI crude oil fell 1.2% in week 35.

Bunker fuel prices

On August 31, 2017, the average bunker fuel price was $348 per ton—compared to $346 on August 25, 2017. According to the Gibson report for week 35, bunker fuel prices at Rotterdam were $297 per ton on August 31, 2017—down from $298 per ton the previous week. Bunker fuel prices at the Port of Fujairah rose to $315 per ton on August 31 from $312 per ton on August 24, according to the same report.

Which companies are impacted?

LNG (liquefied natural gas) carriers, product tankers, dry bulk carriers, and crude tankers are all companies that transport their products on ships from one place to another. For all of these shipping companies, bunker fuel is one of the most important costs. Bunker fuel prices are closely related to oil prices. Any rise in oil prices translates to a rise in bunker fuel prices.

Some of the major crude oil tanker companies include DHT Holdings (DHT), Nordic American Tankers (NAT), Teekay Tankers (TNK), Gener8 Maritime Partners (GNRT), and Euronav (EURN). Navios Maritime Partners (NMM) is a major dry bulk shipper, while Golar LNG (GLNG) and Teekay LNG Partners (TGP) are LNG carrier companies.

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