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Bulk Transport of Oil or Its Products to Promote Growth in the Crude Oil Carriers Market
Increasing demand for crude oil and its by-products are the key factors driving the growth of the crude oil carriers market. In addition, growing transportation industry across the world, rising number of automotive and aviation industry, use of growth in various end-use industry and increasing industrialization creates a demand for crude products. However, high logistics cost and decreasing oil imports that are beating into renewable solar power are likely to hamper the growth of the crude oil carrier market during the forecast period.
On the other hand, the high cost of capital required to acquire ships is also anticipated to create a negative impact on market growth. Furthermore, Longer hauls and fewer triangulation options or backhaul routes to reduce ballasting are likely to present growth opportunities for industry participants. Increasing oil imports and stabilizing relations between OPEC and NON-OPEC nations are creating huge opportunities over the upcoming years. Moreover, ongoing low global oil prices and high supply from the organization of the petroleum exporting countries are anticipated to boost the demand for carriers demand over the years to come. Therefore, Low bunker fuel prices are likely to spur increased earnings, leading to greater carrier application and demand across the globe.
Maersk Tankers Enters Into Strategic Partnership with Hedge Fund Cargo Metrics
In August 2017-Maersk, Tankers had entered an equity agreement with Cargo Metrics Technologies LLC (Cargo Metrics), a Boston-based hedge fund specializing in quantitative trading models derived from shipping data. The agreement established a strategic partnership between Maersk Tankers and Cargo Metrics, providing Maersk Tankers access and exclusive rights to Cargo Metrics’ analytical models, algorithms and capabilities. Cargo Metrics is a technology-driven investment company. Its edge comes from a patented analytical platform that incorporates advances in big data, satellite sensors, and scalable computing technologies to effectively monitor real-time global seaborne activity.
Asia Pacific Region to Contribute to Growth in the Global Crude Oil Carriers Market
Asia Pacific dominated the crude oil carriers market. High oil refining, production, and trade activities in UAE, Kuwait, Saudi Arabia, Iraq, and other Middle Eastern countries with large financial resources led to highest industry share for this region.
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