Tankers: Covid cloud continues to dampen the Dirty Tanker market, whilst glimmers of recovery surface for Clean Tankers
With Covid continuing to permeate the market, Charlotte Cook, Head Trade Analyst, examines the ongoing impact on Tanker supply and demand after further falls in rates and cargo miles. Although with speeds now on the rise for laden clean Tankers, is there a turning point in sight?
“The impacts of Covid for the dirty Tanker market are still very present as rates continue to deteriorate into May. After making a small recovery towards the end of March, VLCC rates dropped again at the start of May to below OPEX, resulting in over a 100% year-on-year decline.”
“Global demand data, coupled with earnings data, shows a slightly more positive picture for the clean market in recent months. MR rates increased rapidly in early May this year, reaching $20,000 per day. This was still 30% lower than rates in May 2020, but 400% higher than earnings at the end of April this year…”
Read the full article here.
