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Analyzing determinants of the global oil market environment and their impact on financial results of entities operating in the tank container fleet

Vol. 14, Iss. 12, DECEMBER 2018

Received: 27 August 2018

Received in revised form: 19 September 2018

Accepted: 5 October 2018

Available online: 14 December 2018


JEL Classification: F40, R41, R43

Pages: 2340–2355

Baburina O.N. Admiral Ushakov Maritime State University, Novorossiysk, Russian Federation

Subject The research examines trends in the global oil market and oil freight market.
Objectives The research is aimed to identify key factors in the transforming environment of the contemporary global oil market. I also analyze how they influence financial results of entities pertaining to the global and Russian tank container fleet.
Methods The research involves a systems approaches, methods of statistical probability and historical comparison. The data proceeds from IEA overviews of the oil market and UNCTAD overviews of maritime transport.
Results The global oil market is influenced by fundamental factors and speculative financial processes. The new oil production technology promoted the USA to the leadership positions. Growth in the U.S. oil production and export are determinants of the contemporary global oil market. Considering the high volatility of global oil prices, trends in global maritime transportation of oil and oil products demonstrates a stable upward trend. The situation in the freight market and bunker fuel price are critical for the financial results of shipping companies. The Baltic stock indices of shipping companies' yields reflect the real demand for oil tankers.
Conclusions and Relevance As the oil prices is globally manipulated, freight and bunker fuel prices fluctuate significantly, thus obstructing the sustainable development of the sector. The tank container fleet is an economic imperative for Russia as the largest oil producing country. It is important to identify determinants of the global oil market transformation. In the time of geopolitical tensions, the unstable financial position of Sovkomflot oil tank container company and registration of its ships under foreign flags pose a threat to the national security of Russia.

Keywords: global oil market, tanker fleet, international sea transportation, Sovkomflot


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