Crude Tanker

摘要

After a forgettable 2H20, crude tanker owners are awaiting a rebound in global oil demand, especially after the recent rollout of COVID-19 vaccines in many countries. However, there will be no significant respite for owners in 1H21 as a sluggish recovery in oil demand, and huge inventory overhang will cap any surge in freight rates. Although oil demand will rise by 5.7 mbpd in 2021, recouping about two-thirds of the overall losses in 2020, most of these gains will come in 2H21 with a rebound in economic activity and likely easing in social distancing measures with the progress in vaccine administration worldwide. Nonetheless, the recent emergence of a highly infectious strain of the virus in Europe and elsewhere has heightened the concerns over the recovery in oil demand, especially in 1H21.