Summary of 2022 14th Annual New York Maritime Forum - Crude Tanker Shipping Sector Panel

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00:00:00 - 00:35:00

The panelists discuss the current state of the crude tanker shipping industry, with a focus on the recent market conditions and the effects of the upcoming regulatory changes. They are generally positive about the future of the industry, despite the challenges that it faces.

  • 00:00:00 The panelists discuss the recent tanker market developments, focusing on the growth in the product tanker space and the war's impact on tanker orders. They discuss the drivers behind the tanker market's improvement and discuss the future of the market.
  • 00:05:00 The panel discusses the effects of the Ukraine crisis on the tanker shipping industry, with particular focus on the decreasing demand for Russian crude oil. They note that while the tanker market is still positive, there are still some uncertainties in the future.
  • 00:10:00 The panel discussed the potential for a strong winter season, the current tanker market, and the order book. They said that, despite the order book being below five percent of the fleet, it will take a few years for new vessels to be built.
  • 00:15:00 The panel discusses the implications of low demand for crude tanker shipping and the challenges faced by new and existing vessel owners in ensuring sufficient cargos are available to meet global needs. The panel also discusses the opportunities for the shipping industry in the coming years.
  • 00:20:00 The panelists discuss the state of the crude tanker shipping sector, and how the current market conditions are affecting companies who are in the shipping industry. They also mention the upcoming regulatory changes that will make it more difficult for companies to operate older vessels.
  • 00:25:00 The panelists discuss the outlook for the tanker shipping sector, with most people being positive about the future despite high prices. They note that the tanker fleet is aging, but that unless there is a recession or major global event, the market will remain strong.
  • 00:30:00 The panelists discussed the possible implications of peak oil, and the possibility that the shipping industry will experience a gradual decline in demand as the world transitions to a post-peak economy. They also discussed the importance of having a long-term view when investing in shipping, and the importance of maintaining capital discipline.
  • 00:35:00 The speaker Discusses that while the crude tanker shipping sector is declining, it is still likely to experience more super cycles in the future due to the mismatch between the decline of oil demand and the decline of the fleet. The speaker also mentions that while the market may slow down in the near future, demand is still growing and oil demand is projected to be higher than in previous years.

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