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International Shipping
COP27 climate alarmists see oil demand hitting 18-year highs
Date:2022-11-29 Readers:
FREIGHT rates in the large crude-carrying tanker market hit 18-year highs just as the COP27 inter-governmental climate talks broke up in Sharm el-Sheikh, Egypt with little to say on how they plan to reduce dependence on oil and gas, noted Oslo's TradeWinds.
The Baltic Exchange Dirty Tanker Index reached 2,635 points, the highest it has been since October 2004, and shipbrokers declared it is impossible to estimate how high hire rates for VLCCs could go.
Even smaller aframax vessels are also experiencing a huge uplift in freight rates as European Union countries stock up on Russian oil ahead of sanctions coming in on December 5.
The United Nations climate talks in Egypt have made the shorter-term outlook rosier for the oil and gas industry. A big pushback by Saudi Arabia and other major crude-producing nations ended attempts by others to put meaningful targets on the phase-out operation.
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