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A Winter season that turned the market upside down is soon coming to an end. All eyes were on product tankers, thinking “would this be the beginning of something beautiful in terms of higher earnings?” No one really paid much attention to what was already in the making in the crude oil tanker sector.
Demand. Lower growth rates for refinery throughput and drawdowns on swollen oil stocks has impacted the seaborne tanker market negatively. BIMCO expected this to happen...
BIMCO’s expectations remains as the oil product tanker fleet continues to grow, with earnings at the lowest since Q3 in 2014.
Demand: The dynamic nature of the product tanker market, where refinery locations, local market demand specifications and price arbitrage trades are constant moving objects, turn one main trade into a minor trade within a New York minute.
The market for crude oil tankers hasn’t been particularly upbeat in the first half of the year. Product tankers however have delivered very decent returns if judged by their performance during the last 7 months.
Crude oil tankers in the mixed zone, whereas product tankers are feeling the first rays of sun between the clouds
This analysis explains the recent history, updates you on the current state and displays future changes for crude oil tankers.
The tanker market is doing full steam ahead – not in relation to demand, earnings or actual operating speed, but in relation to structural demand changes in the West.
”The smaller the better” seems to be the mantra in the tanker segment these days. Whilst all crude tanker segments enjoyed a spike in earnings in late December, the subsequent drop hit the VLCC much harder than the Aframax segment.
In the first quarter of 2015, tanker earnings for crude oil tankers have climbed to new strong levels, with averages not seen since 2008.
