The 1st half of last year may have seen extreme fluctuations as a result of Covid-19 and the oil price war, with the past six months being rather unassuming in comparison. Nonetheless, 1H2021 witnessed rates and earnings on some trades at lows not seen over the past twenty years.
This extreme weakness has certainly given the tanker market some hope to be optimistic that the worst is now behind us. The industry is now much better positioned than at the start of the year, given the successful rollout of vaccines across the developed world and the demand recovery that accompanied it, although rates still remain abysmal.
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Source: Capital Link Shipping
