Feb 08: 2019 tanker demand growth is projected at1.0% as participants in the OPEC and non-OPEC production cut agreement limit crude output from the Middle East, somewhat counteracted by higher exports from the Atlantic Basin.
8The overall growth is annualized at 2.0% and 2.3% for the LR2 and LR1 sectors through 2023 and just below 1.6% for MR2 tanker
82019 VLCC rate will averaging US $26,800/day and Suezmaxes averaging US $18,800/day.
8However, much tighter balance will exist for VLCCs in 2022 with earnings climbing to US $33,700/day. For an ECO-type VLCC, earnings are likely to be US $33,300/day in 2019 and US $42,800/day in 2022.
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