Mid-size tankers have firmed significantly ahead of the seasonally stronger winter months, while positive long-term supply fundamentals remain intact, according to an article published on its website.
Crude oil exports
Rising seaborne crude oil exports from key mid-size tanker load regions, an increase in refinery throughput to meet winter oil demand, and the onset of seasonal factors have led to a significant increase in mid-size tanker spot rates at the start of Q4-23, and we expect rates to remain firm in the coming months.
Looking further ahead, a small tanker order book, a lack of available shipyard capacity until 2027, and an aging fleet point towards continued strength for spot tanker rates over the medium term.
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Source: Teekay
