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Tuesday
Oct252016

Noah Parquette at JPM on Tankers Ton Miles to China

While volumes rose only 0.6% from a August, ton-miles surged 6.4% to reach a new record high as Atlantic basin sources also reached a new record of 9.8 million tons (30% of imports), and pulled up the average distance to just under 6,700 nautical miles. Angola and Venezuela were significant sources, but there was a major increase in oil imports coming from Brazil. Outside of the Atlantic, Russia and Saudi Arabia were about even in terms of the top source, both just under 4 million tons. While volumes rose only 0.6% from a August, ton-miles surged 6.4% to reach a newrecord high as Atlantic basin sources also reached a new record of 9.8 million tons(30% of  imports), and pulled up the average distance to just under 6,700 nauticalmiles. Angola and Venezuela were significant sources, but there was a majorincrease in oil imports coming from Brazil. Outside of the Atlantic, Russia and SaudiArabia were about even in terms of the top source, both just under 4 million tons.
Ton Mile Trader comment:  it appears that the average haul into China was roughly 6700 miles , which is above average and towards the higher end of the data for the last two years. Total tons was also approaching an all time high - 33.1m tons.  So if average haul and total tons are on the upper end of their ranges - I would have expected rates to be higher than they are. Could be a combination of fleet growth and reduced port delays.  Just a thought.

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