Everyone is watching crude... no one is watching bunker fuel (shipping).
- Ships carry 80% of global trade
- The Gulf underpins global bunker fuel availability... not anymore
- Bunker fuel is quickly running out... no SPR
Should fuel availability worsen, suppliers and ports value cargoes, like container ships, crude/product tankers, and gas carriers.
Dry bulk is lower margin and carries lower-value cargoes. This includes grains, fertilizer, iron ore, etc.
We are going full speed into a COVID-style lockdown situation.
