Another eventful year comes to a close
At the start of 2021, we were hopeful that – after the rollercoaster ride of 2020 amidst a global health pandemic – the tanker markets would gradually improve. Multiple Covid vaccines were available and a new president in the United States would bring more stability to global markets. There was a large vessel supply overhang and the recovery in oil demand was expected to be gradual, but the overall consensus was that the market would start to improve in the second half of the year. For a number of reasons, this cautious optimism proved to be misplaced.
In this year-end review of 2021, we will discuss some of these factors as well as a few other developments that caught our eye throughout the year and that we discussed in the other 42 Tanker Opinions that we published this year.
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