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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (589)	2/25/2004 9:09:55 AM
From: mishedlo	of 116555

Tanker Demand moneycentral.msn.com Global demand for oil will climb by 3.7% in 2004, according to the International Energy Agency's Feb. 11 report. The International Maritime Organization (IMO), an agency of the United Nations, has written new rules that accelerate the mandatory phase-out of single-hulled oil tankers and require stricter inspections of older tankers. Tanker demand will grow by at least 3% in 2004, estimates Jefferies & Co., the New York investment-banking firm. The demand could be more if the most recent International Energy Agency projections are correct. The addition of new ships minus the scrapping of old ships, however, will result in the global tanker fleet growing by less than 3% in 2004. In 2005, Jefferies estimates, global tanker demand will grow by 2.7% -- I believe that it will be closer to 4% -- and net global tanker supply (after new ship deliveries and after scrappings of old ships) will increase by 2.6%.

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