Tanker Market Earnings on Path to Recovery

first_imgzoom Tanker market earnings in the third quarter of 2017 are encountering difficulties, but peaking fleet growth and increased tonne-miles could see spot rates stabilize and time charter rates improve, Maritime Strategies International said.The quarter is proving vexatious for owners still struggling with the effects of fleet oversupply, but MSI believes that changing trade patterns could help stabilise the market towards year-end and into 2018.“With all-OPEC crude exports setting record highs in July, the cartel’s attempts at lowering production are clearly open to question. There was a reduction in flows from OPEC’s Gulf producers while China’s imports tumbled to seven-month lows in July.”Exports are seeing a divergent trend in the group though, with African volumes of lighter grades on the rise while Middle Eastern medium/heavy crudes have been receding. China’s decline could signal the potential start of a slowdown in imports, yet the July figure was still up by 12% from a year prior and the ongoing downtrend in China’s domestic crude output should continue to lend support to imports, MSI informed.“Though the remainder of Q3 will be weak, fleet growth has now moved past its peak which should have some stabilising effect as we look to 2018. Despite falling in June, T/C rates are set to see a modest improvement over our forecast,” Sierra Highcloud, MSI Analyst, said.“However, liquidity is thin and should the upside expected in Q4’s spot market not materialise, the period market could move lower as owners look to protect against spot market downside,” Highcloud added.Furthermore, other factors have affected the situation. India has been able to buy more US crude after recent upgrades which have allowed refiners to easily switch between running light and heavy crudes. African OPEC volumes of lighter grades have tracked higher while Middle Eastern medium/heavy crudes have been receding.In Venezuela, where output has already seen a dramatic decline due to political turmoil, any possible oil-related sanctions would invariably have numerous and far-reaching impacts across the tanker market, Highcloud said.last_img read more

CANADA COUNTRY OF HONOUR AT WORLD VR FORUM 2018

first_img Facebook Advertisement Advertisement Advertisement Twitter Spotlight on Canada’s VR industryThe Canadian delegation to the World VR Forum, consisting of five internationally-renowned and award-winning VR studios, will join thousands of international industry professionals and decision-makers in the innovative immersive content production field. The Canadian creators who will form the delegation are, Emmanuel Albano of La boîte à insultes (iBox); Flavio Carde of Imagine360; Laura Mingail of Secret Location; Heather Phenix and Dirk Van Girkel of Jam3; and Jeff Ross of MasterpieceVR.Members of the Canadian delegation will participate in a panel on funding immersive content. Canada will also host a reception and a stand promoting Canadian VR and the innovation of Canadian creators in the field of immersive storytelling.After the great success of the second edition of Atelier Grand Nord realité virtuelle (AGN RV), which was held in Montreal in November 2017, SODEC will contribute to the activities planned as part of Canada’s Country of Honour by organizing the follow-up to AGN RV before the World VR Forum. This participation offers great opportunities for future development and collaboration for the seven Francophone projects represented at World VR Forum, and reinforces the influence of Montréal and Québec in this innovative field. The Québec participants at AGN RV are Patricia Bergeron (Leitmotiv), Émilie Bernard, Serge Bordeleau (Nadagam films), Cédric Corbeil (Nadagam films), Svet Doytchinov (Yantra Films), Ghassan Fayad (KNGFU), Élizabeth Laferrière, Julia Salles (Silex Créations), Colas Wohlfahrt (KNGFU) and Nicolas S. Roy (Dpt.) who will participate as an expert in the field and Audrey Pacart (Very Story) who will moderate a session.About the Canada Media FundThe Canada Media Fund (CMF) fosters, develops, finances and promotes the production of Canadian content and applications for all audiovisual media platforms. The CMF guides Canadian content towards a competitive global environment by fostering industry innovation, rewarding success, enabling a diversity of voice and promoting access to content through public and private sector partnerships. The CMF receives financial contributions from the Government of Canada and Canada’s cable, satellite and IPTV distributors. Please visit cmf-fmc.ca. Login/Register With: Toronto – Canada is the country of honour at World VR Forum, taking place in Crans-Montana, Switzerland from June 7 to 10. This annual summit brings together more than 4,000 experts, producers, artists, researchers, and private and public funders, participating in a conference, a competitive festival, and a market. Canada will be featured thanks to the support of the Canada Media Fund (CMF), Creative BC, On Screen Manitoba and Société de développement des entreprises culturelles (SODEC).“We’ve made a strategic decision to invest in an ever-growing number of VR projects as an important part of the funding we provide to Canadian digital media,” said Valerie Creighton, President and CEO, CMF. “The quality of Canadian VR is well-known around the world and we are proud to continue supporting Canadian creativity and innovation in immersive storytelling. Our support goes well beyond funding. It also includes promotion, access-to-market and generating business opportunities for Canadian creators, which is why we’re delighted to participate this year at the World VR Forum.”World VR Forum enables professionals in the VR field to present their projects and find new business partners, offers a variety of panel discussions, pitching sessions, presentations by international creators, and screenings of selected films. LEAVE A REPLY Cancel replyLog in to leave a comment last_img read more