Stena Sonangol Suezmax Pool

Stena Sonangol Suezmax Pool is a joint venture between the tanker owner Stena Bulk and the Angolan energy company Sonangol.

STENA SONANGOL SUEZMAX POOL LLC THIRD QUARTER 2018 RESULTS

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STENA SONANGOL SUEZMAX POOL LLC THIRD QUARTER 2018 RESULTS

 

- Challenging freight markets in the 3rd quarter, however improving rates in the 4th quarter
- Demand for oil remands strong despite higher oil prices
- Return of OPEC production bringing increased cargoes
- Seasonal improvement in Q4 so far pushing rates ahead of expectation
- IMO 2020 will be positive for the large tanker market

The third quarter TCE returns were slightly higher compared to the second quarter of the year. Tanker rates are still suffering from oversupply; however recycling activity has been strong creating a fleet rebalancing going into 2019-2020. A seasonal increase in the flow of cargoes has kick started an improving tanker market which should continue to build through 2019. Demand has remained strong despite higher oil prices. The U.S. crude export market continues to grow with higher prices and have a very strong outlook going forward. The supply of cargoes has grown as OPEC production cuts have been reversed. Rebalancing of the tanker market has continued with modest fleet growth on the global Suezmax fleet year to date.

The Pool continues to operate at a high efficiency with 73.3% ship days earning revenue for the quarter as compared to 73.7% for a rolling 12 month average.

Publish date: 
2018-11-08

Quarter results