Teekay sees volatile 2024 in tight tanker market

Spanish Market: Crude oil, Freight
22/02/24

Persistent volatility and increased long-haul trade across the globe will support crude tanker rates this year amid a stretched and aging global fleet, midsize tanker specialist Teekay said today.

Increased long-haul crude trade flows from the Americas to east Asia, as well as continued shipments from Russia to India and China, likely will increase tonne-mile demand in 2024, Teekay chief executive Kevin Mackay said Thursday on an earnings call. With oil demand growth concentrated in Asia-Pacific and oil production growth led by the US, Brazil and Guyana, voyages between the two regions are expected to increase, he said.

Route diversions due to Houthi attacks in the Red Sea are also expected to increase tanker demand, especially for Suezmaxes, Mackay added. A Suezmax voyage from Iraq to the Mediterranean is about 4,000 nautical miles, or 13 days, via the Suez Canal, compared with about 12,000 nautical miles, or 40 days, via the Cape of Good Hope, he said.

The 590,000 b/d Trans Mountain Expansion (TMX) oil pipeline project, expected to come online in the second quarter of 2024, will create additional Aframax demand in Vancouver, British Columbia, Mackay said, but it is uncertain where the increased cargoes will land.

"We'll have to wait and see how the oil trading environment picks up on that oil and where they can probably make the best margins," Mackay said. "The only sure thing is that you can only load an Aframax out of Vancouver."

Yearly profits double

Teekay reported a profit of $111.7mn in the fourth quarter, down from $146.4mn in the same period in 2023 after rates fell year on year and the company had more vessels dry docked. Still, full-year profit more than doubled to $513mn, up from $229mn in 2022.

Teekay operates a fleet 42 tankers — 25 Suezmax tankers and 17 Aframax or Long Range 2 tankers.

By Tray Swanson

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

26/03/25

Trump unveils new tariffs on auto imports: Update

Adds details throughout Washington, 26 March (Argus) — President Donald Trump said today he would impose a 25pc tariff on foreign-made cars and trucks imported into the US, but said there will be no tariffs on automobiles assembled in the US. Trump said the new tariffs on imported automobiles marked the "beginning of Liberation Day", the term Trump has used to reference his plan to unveil sweeping tariffs on major foreign trade partners on 2 April. The White House estimates the tariff on imported cars and trucks will generate $100bn/yr in new tariff revenue. Trump said the auto tariff will go into effect on 2 April, providing a financial incentive for automakers to relocate manufacturing to the US. "We'll effectively be charging a 25pc tariff, but if you build your car in the United States, there's no tariff," Trump said in remarks at the White House. "And what that means is a lot of foreign car companies, a lot of companies, are going to be in great shape." The auto tariffs will likely add thousands of dollars to the price of many imported cars and trucks. But the tariffs — the details of which have yet to be released — appears more targeted than Trump's initial plan to impose a 25pc tariff on nearly all imports from Canada and Mexico, because the tariffs would not apply to cars and trucks parts, so long as the vehicles are assembled in the US. "Anybody that has plants in the United States it's going to be good for, in my opinion," Trump said. Ontario premier Doug Ford previously warned that Trump's plan to impose a nearly across-the-board import tariff could have caused auto manufacturing in the US and Canada to grind to a halt within as few as 10 days. Trump eventually delayed those tariffs until 2 April. Earlier this week, Trump said that South Korean automaker Hyundai's decision to invest $5.8bn to build a steel mill in Louisiana offered a blueprint for how companies could avoid tariffs. Trump has already imposed a 25pc tariff on steel and aluminum, and earlier this week said he would announce tariffs on imported lumber, semiconductor chips and pharmaceuticals. Even as a lack of details about the upcoming tariffs has fueled uncertainty for businesses and sharp declines on US stock markets, Trump has continued to announce additional tariffs. On Tuesday, Trump said any country taking delivery of Venezuelan oil or gas would be "forced" to pay an incremental 25pc tariff on any goods imported in the US. US oil executives appear to be growing tired of Trump's chaotic trade policy, particularly his imposition of a 25pc tariff on imported steel that is used in drill pipes, executives said in a survey the US Federal Reserve of Dallas released Wednesday. The uncertainty over tariffs and trade policy is causing "chaos", they said in the survey, and increasing their cost of capital. "Tariff policy is impossible for us to predict and doesn't have a clear goal," an unnamed oil executive said in the survey. "We want more stability." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump to impose new tariffs on auto imports

26/03/25

Trump to impose new tariffs on auto imports

Washington, 26 March (Argus) — President Donald Trump will announce new tariffs on the automobile industry later today, the White House said, at a time of significant uncertainty about his trade policies. Trump plans to offer further details on the automobile tariffs this afternoon, less than a week before he plans to announce tariffs against major foreign trade partners on 2 April, which Trump has dubbed "Liberation Day". Trump has already imposed a 25pc tariff on steel and aluminum, and earlier this week said he would announce tariffs on imported lumber, semiconductor chips and pharmaceuticals. Trump last month threatened to impose 25pc tariffs on most imports from Canada and Mexico, starting on 4 March — including imported automobiles and vehicle parts — but he eventually offered a one-month reprieve for US automakers before delaying those tariffs entirely until 2 April. The scope and timing of the upcoming automobile tariffs remains unclear, and the White House has yet to provide further details. But Ontario premier Doug Ford previously warned that steep tariffs on Canada could cause auto manufacturing in the US and Canada to grind to a halt within as few as 10 days. Earlier this week, Trump said that South Korean automaker Hyundai's recent decision to invest $5.8bn to build a steel mill in Louisiana offered a blueprint for how companies could avoid tariffs. "This is the beginning of a lot of things happening," Trump said. Even as a lack of details about the upcoming tariffs has fueled uncertainty for businesses and sharp declines on US stock markets, Trump has continued to announce additional tariffs. On Tuesday, Trump said any country taking delivery of Venezuelan oil or gas would be "forced" to pay an incremental 25pc tariff on any goods imported in the US. US oil executives appear to be growing tired of Trump's chaotic trade policy, particularly his imposition of a 25pc tariff on imported steel that is used in drill pipes, executives said in a survey the US Federal Reserve of Dallas released Wednesday. The uncertainty over tariffs and trade policy is causing "chaos", they said in the survey, and increasing their cost of capital. "Tariff policy is impossible for us to predict and doesn't have a clear goal," an unnamed oil executive said in the survey. "We want more stability." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil's Bolsonaro to face trial for coup attempt

26/03/25

Brazil's Bolsonaro to face trial for coup attempt

Sao Paulo, 26 March (Argus) — Brazil's former right-wing president Jair Bolsonaro will face trial on charges of an attempted coup following his 2022 electoral defeat, the supreme court (STF) ruled today. In February Brazil's prosecutor-general charged Bolsonaro and seven other people — which include some of his former ministers — of plotting to guarantee that the former president stayed in power despite losing the election to current President Luiz Inacio Lula da Silva. The plot included the 8 January 2023 storming of government buildings in the capital of Brasilia and plans to kill his political opponents , the prosecutor-general said. STF's five-judge panel voted unanimously to put Bolsonaro on trial, with top judge Alexandre Moraes saying that the 8 January insurrection was a result of "systematic efforts" by Bolsonaro and his aides to discredit the election he lost. If convicted, Bolsonaro could face up to 40 years in jail. He is charged with five crimes, including leading an armed criminal organization, attempted coup and threatening to harm "the Union's assets." Although it is not clear when court proceedings will begin, they are expected this year, which is unusually fast for Brazil's justice system. "They are in a hurry, big hurry," Bolsonaro said of the legal proceedings on social media platform X, adding that the case is moving "10 times faster" than Lula's proceeding when he was on trial for the anti-corruption Car Wash investigation. Lula was eventually found guilty of money laundering and corruption and jailed in April 2018, but was later acquitted and freed in November 2019. Bolsonaro also added that the trial is politically motivated. "The court is trying to prevent me from being tried in 2026, because they want to stop me from running in the elections," he added. Brazil will hold presidential elections in October 2026. The electoral court voted in June 2023 to make Bolsonaro ineligible to run for any public office until 2030. But he is still seen as a major political force in the country. It is unclear who will serve as Bolsonaro's successor for more conservative voters, although Sao Paulo state's governor Tarcisio de Freitas has emerged as the most likely candidate. Bolsonaro — who sat in the president's seat from 2019-2022 — also faces several other legal challenges to his conduct as president, including allegations of money laundering, criminal association and embezzlement for allegedly receiving jewelry as gifts from Saudi Arabia related to the sale of state-controlled Petrobras' 330,000 b/d Landulpho Alves refinery in northeastern Bahia state to the UAE's Mubadala Capital. But none of these allegations have moved forward in the judiciary. During his administration, Bolsonaro privatized several state-owned energy assets and put little priority on environmental protections, policies that Lula has since reversed. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Port Harcourt included in Bonny crude loading plans

26/03/25

Port Harcourt included in Bonny crude loading plans

London, 26 March (Argus) — Nigeria's 210,000 b/d Port Harcourt refinery has been allocated three cargoes of domestic light sweet crude Bonny Light in April-May, according to traders, suggesting that any issues affecting receipts in February and March might have been resolved. The refinery — which restarted operations late last year following a revamp — has been allocated a 950,000 bl cargo loading over 5-6 April and two 475,000 bl shipments loading over 22-23 April and 1-2 May, traders said, citing the latest loading programmes. All three cargoes are to be loaded by the refinery's operator, state-owned NNPC. Market sources said last month that Port Harcourt's February and March crude allocations had been cancelled , with one of the sources saying a crude unit at the refinery was not functioning. This was not confirmed by NNPC. And a source at the company has since told Argus that a 475,000 bl shipment of Bonny Light had been due to be pumped to Port Harcourt before operations at the grade's export terminal were briefly disrupted by a fire on the Trans Niger Pipeline (TNP) last week. The Renaissance Africa consortium — which recently took over operatorship of the TNP and the Bonny terminal from Shell — said pipeline flows were restored on 19 March. Port Harcourt — which is designed to run Bonny Light — was originally built as two refineries, and rehabilitation work has only been completed at one 60,000 b/d section. Total loadings of Bonny Light have been revised to 209,000 b/d for April across seven cargoes and have been set at 202,000 b/d for May across the same number of cargoes. By Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

РТС Holding и КТЖ будут развивать терминал в Поти

26/03/25

РТС Holding и КТЖ будут развивать терминал в Поти

Riga, 26 March (Argus) — Казахстанская PTC Holding и госкомпания Казахстан темир жолы (КТЖ) договорились совместно развивать контейнерный терминал в Поти. Стороны договорились о сотрудничестве в развитии объектов терминальной инфраструктуры и привлечении инвестиций для реализации проекта строительства мультимодального контейнерного терминала в грузинском порту. Соответствующий меморандум компании подписали 4 марта в Баку в рамках заседания рабочей группы по развитию Транскаспийского международного транспортного маршрута (ТМТМ). PTC Holding в июне 2023 г. подписал инвестиционное соглашение о реализации проекта с партнерами из Грузии с участием представителей госорганов, банковского сектора и частного бизнеса. Для реализации проекта создано совместное предприятие Poti Transterminal, в котором казахстанской компании и грузинским партнерам принадлежит по 50%. Завершить строительство терминала планируется в конце апреля 2025 г. Стороны договорились, что комплекс в Поти станет частью ТМТМ. Ориентировочная стоимость строительства терминала составляет $10 млн. Общая сумма инвестиций в проект составляет $30 млн. Комплекс расположен на площади в 8 гектаров, его мощность составит 80 тыс. ДФЭ/год. (ДФЭ — двадцатифутовый эквивалент). ________________ Больше ценовой информации и аналитических обзоров рынка транспортировки грузов в странах Каспийского региона и Центральной Азии — в отчете Argus Транспорт Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2025. Группа Argus Media . Все права защищены.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more