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Marine Online Boosts Traction For Tankers From Crude Price Movements

Tuesday, 07 December 2021 | 13:00

Oil prices have slightly recovered for Brent and West Texas Intermediate (WTI), substantiating the hypothesis of an impending recovery. Its unpredictability keeps the Organisation of the Petroleum Exporting Countries (OPEC) cautious about production growth due to the pandemic. However, a bullish market for crude carriers is forecasted.

Frank Zhang, Marine Online’s Chief Operating Officer, remarked, “Despite the opaque outlook of crude price with sprinkles of recovery, we anticipate a demand of tankers to follow. With current circumstantial data pointing to a bullish crude market, it’s a good opportunity for shipowners looking to expand their fleet to meet the upward crude demand. Though these market movements spell growth for tankers, shipowners remain confined to the options offered by their local brokers. Meanwhile, there are untapped vessel choices in the international markets inaccessible to local and regional brokers.”

Frank added, “One of the markets Marine Online offers is China’s domestic ships. The republic is known for enormous domestic shipping capacity for its vast coastline and rivers, which enables the vessels to be competitively priced and built with international maritime standards. As a result, potential buyers have more options for their fleet expansion. Subsequently, buyers can access a wide range of marine services such as pre-purchase inspections, insurance, and most notably, class conversion for international voyages. Delivery options are also tailor-made for each buyer’s requirements.”

He concluded, “Our platform integrates data from more than 200,000 ships of various types to provide low cost and quick transactions for the sales and purchases of ships. Marine Online’s platform streamlines the entire transaction, assisted by our specialists through end-to-end services and fully compliant with regulatory requirements. We manage vessel sourcing and the full spectrum of administrative procedures, including class conversions and inspections. Most importantly, our worldwide coverage breaks down all language and cultural barriers to bring more choices to our clients.”
Source: Marine Online (Singapore) Pte Ltd

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