Crude Tanker market still showing signs of volatility into 2021
From rates soaring to record highs in 2020 to Covid-19 crippling some shipping markets more than others, Charlotte Cook, Head Trade Analyst, assesses the ups and downs of the Crude Tanker market in recent months and how things look for the sector moving forward.
“…Last year was a significant year for the Crude Tanker market, as rates soared to record highs from mid-March through to early May due to the very low oil price at the time and contango structure in the oil price market. This resulted in traders buying oil in the spot market at low prices and storing it to sell on at a profit. At the peak of the contango market, data shows that 9% of the VLCC, Suezmax and Aframax fleet were participating in temporary floating storage…”
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