The IEA has reported a significant slowdown in global oil demand

The International Energy Agency (IEA) has reported a significant slowdown in global oil demand growth, with the second quarter of 2024 seeing the lowest increase in over a year (710kb/day). Despite a temporary uptick in OECD oil demand, primarily due to increased gasoil and naphtha deliveries, overall global demand growth is projected to remain subdued in 2024 and 2025 at 970kb/d and 980kb/day respectively.

Brief report and predictions for next week for handy and supramax sizes 12TH July 2024

HANDYSIZE

• USG/USEC: The market saw an increase in cargoes at the beginning of the week, particularly with a firm interest in finding tonnage for grain cargoes.

Panamaxes raised the dry bulk cargo market

Iakovos (Jack) Archontakis
Commercial Director TMC MARITIME CO.

Dr. Fotios-Evangelos Karlis
Maritime Executive and Consultant

The dry bulk cargo market closed with a positive sign even on the thread, compared to the previous week, with Panamaxes keeping the general index in the green and the rest of the sizes showing single-digit changes.

Carbon Intensity Indicator (CII) – Policy Statement

The following maritime associations (BIMCO, CLIA, INTERCARGO, INTERMANAGER, ICS, and INTERTANKO),

Oil prices are trading near a two-month high

Oil prices are trading near a two-month high, at levels not seen since April 2024, as refineries ramp up for the summer driving season and traders worry about renewed tensions in the Middle East.

Brief report and predictions for next week for handy and supramax sizes 5TH July 2024

HANDYSIZE
• USG/USEC: The market was active during the first half of the week; however, Independence Day led to a slowdown.