TradeWinds: Brazil resurgence set to boost tankers

24 April 2017: “South American energy giant has seen crude exports jump 34% year-on-year, says Poten.” “‘This increase in activity has also benefited the tanker industry as more tankers are employed to move Brazilian crude over longer distances,’ says Poten & Partners.” “Poten says some 46% of the export barrels were moved on VLCCs and 45% on suezmaxes, with the remaining 9% mostly going on aframax tankers.” “‘In volume terms, the key destinations for Brazilian crude are China with 41%, other parts of Asia (15%), Caribbean/US Gulf (14%), Europe (11%) and Chile (9%),’ says Poten.” “‘This new trade, as well as the growing exports to China and India, may be partly due to the changing specifications of the Brazilian crudes that are available for export,’ Poten says.” “Looking ahead, Poten says the future looks promising for Brazilian production and exports and tanker demand should benefit from increased oil flows, especially if the trend towards long-haul trades serving China and India continues.”   To read full article, click here.