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Tanker market: There is hope, still
Feb 20: The tanker market is in a terrible state, but the outlook for the year is actually looking quite promising.
8There is now hope that fearful of losing sorely needed revenues and market share, OPEC and non-OPEC members may up their production into 2H 2018 and export more oil
8Moreover, US shale producers will be coming to the market in much higher volumes, and export more than 1 mbd of crude and more petroleum products.
8We believe that the tanker market will benefit from oil being shipped from the Middle East Gulf, as well as the US, into Asia.
8The growth in the crude oil tanker market of more than 3% will largely counteract the influx of new supply, and give way to a stronger tonnage balance into 2H 2018.
8Meanwhile, the strong growth in demand for product tankers of 3.8% will offset the supply growth of 2.1%, one year ahead of the all-important 2020 Sulphur regulations.
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