This year has seen an impressive surge in commodity prices. Steel prices reached multiyear highs in May and, although they have since eased back, values remain above levels seen between 2016-2020. Shipping has not been immune, with newbuild prices moving up in tandem, although intense ordering activity in some segments, most notably the container industry, and the resulting shrinking yard availability for the nearer term have also played an important role. Since December last year, tanker newbuild prices have appreciated by around 15%-25% depending on the sector. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
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