VLCC ton-mile demand remains below pre-pandemic levels.
The tanker market, in particular the crude oil tanker market remains in the doldrums, despite widespread signs of improvements in oil demand amidst reopening economies. The dry bulk and container markets go from strength to strength, while VLCC rates, usually on of the bellwethers of global oil demand growth, struggle to remain in positive territory. The global economic boom seems to have no impact on the tanker market. Why is that the case? Is it temporary or is it a harbinger of things to come?
In this Tanker Opinion, we’ll take a look at VLCC supply, ton-mile demand and vessel productivity and determine how these factors, in combination with market psychology, have conspired to keep pressure on tanker rates.
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