(+) Få med deg siste nytt om Tankmarkedet

Interesting things are happing in the tanker market. The crude tankers and the product tankers continue their never-ending fights for the claim of the better market, and the product tankers are getting close to reclaiming the throne this week. Amid a geopolitical hot pot, the tanker will undergo some significant changes over the next couple of months, and the downtrend on the crude tanker side this week, could be an early reaction to Owners leaving the Russian market behind and entering the "normal market" once again.

Product Tankers Last week LR2's made an unprecedented comeback as a combination of cargoes with urgent and tight laycans combined with few available ships became the perfect cocktail. The market had a more relaxed reaction this week as rates have managed to stay somewhat steady throughout. After a rally over the summer and then a drawback, LR's are now pushing for the highest number yet seen in 2022. We all knew winter was coming, but now it's here!

The clean product tanker market is generally firming, therefore it was a bullish week for the MR's as well. Not like the LR's the MR's are firming more steadily, slowly pushing rates upwards. In the Far East activity is great as a healthy increase was seen this week, on the other side of Suez, the UKC and EU market was slower, however, rates increased in both areas still.

Crude/DPP Tankers The second week of slowing down for the VLCC's as rates is starting to ease from the peak in early November. On the middle east/China route we saw a drop of almost 20% w-o-w, it seems mainly due to a long list of available ships for charterers to pick from, ultimately driving rates down. Fundamental changes in trade patterns are taking place with Russian sanctions officially stepping in from next week, and we expect the USG to become an even more important region for the VLCC trade.

The Suezmax segment has been equally as dull this week as the lack of activity from both the Afra and VLCC sides is driving down sentiment on the Suezmax front. However, the slide in rates was not as significant as for the VLCCs and the biggest drop for the Suezmax's was in WAF where rates dropped 20-30 WS from the week before.

The Aframax market is likewise softer this week on the back of slowing demand, however, everything is relative as Aframax's still making remarkable earnings with average spot market earnings still close to USD 150k per/day. With Owners now having locked in their final Russian cargoes it is also expected that the market would ease a bit again.

Period market The projects and period market seemed to be confused this week with the smaller segments being weaker compared to last week and the crude tonnage being stronger. The reason might be found in the fact that tomorrow (Monday 5th December 2022) is the day where the EU embargo on Russian oil comes into effect and whilst the embargo on Russian products are set for February 5th 2023. We are still seeing longer fixtures dominating the periods market with little sentiment from charterers to fix below 1 year.

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(+) Få med deg siste nytt om Tankmarkedet

Interesting things are happing in the tanker market. The crude tankers and
the product tankers continue their never-ending fights for the claim of the
better market, and the product tankers are getting close to reclaiming the
throne this week.

Relatert Innlegg

(+) Kraftige kursmålendringer i norsk næringsliv – dette bør du vite

(+) Analytikerne fortsatt negative til Autostore

(+) Equinor-analyse: signaler peker mot ny bunn

Oslofjordtunnelen stengt i begge retninger

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(+) Få med deg siste nytt om Tankmarkedet

Interesting things are happing in the tanker market. The crude tankers andthe product tankers continue their never-ending fights for the claim of thebetter market, and the product tankers are getting close to reclaiming thethrone this week.

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Relatert Innlegg

(+) Kraftige kursmålendringer i norsk næringsliv – dette bør du vite

(+) Analytikerne fortsatt negative til Autostore

(+) Equinor-analyse: signaler peker mot ny bunn

Oslofjordtunnelen stengt i begge retninger

Velkommen tilbake!

Opprette ny konto!

Hent passordet ditt

Er du sikker på at du vil låse opp dette innlegget?

Er du sikker på at du vil si opp abonnementet?

Interesting things are happing in the tanker market. The crude tankers and
the product tankers continue their never-ending fights for the claim of the
better market, and the product tankers are getting close to reclaiming the
throne this week.