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Confidence is key: We have seen rates fluctuate tremendously over the last year or so, with both Crude and Clean tankers reaching some of the highest sustained levels seen, often followed by moments of downturn before again getting back on the upwards trajectory.

21. May 2023 – RESEARCH
The ability of the tanker market to recover and find new strengths in the spot market continuously over the past year has given second-hand buyers a new-found confidence pushing second-hand prices to new heights. As evidenced by the clean tanker segment which is at a point of downturn on the spot market as rates globally have dropped noticeably over the last few weeks, yet we have seen second-hand prices moving
upwards. The underlying source of confidence in the mid/long term tanker market correlates to the existing geopolitical changes in the trading world, and the considerably low order book compared with the increased tonne-mile demand from longer trade lanes and the actual higher oceangoing crude and products volume.

DPP/CRUDE:
Not a surprising week for VLCC’s, rates are slowly but surely increasing as we have seen in MEG where rates gained a few points w-o-w with room for more improvement as the market seems set for a bullish week. The Suezmax market continues to push forward as rates climbed this week. As mentioned in the week prior, the main bearish driver is the
involvement of VLCC’s when the Suezmax market reaches certain levels, and sure enough, we are starting to see some of the VLCC crossovers affect the Suezmax’s in USG. The AG continues to be a strong area while WAF is starting to look a bit more questionable, yet overall the Suezmax segment performed very well this past week. The Aframax market seems well positioned for a bullish run, and Owners in the MED and USG have been trying to make it happen, but without success this past week, rates and volume remained steady, and Owners should begin testing charterers in the coming week.