TANKER MARKET

摘要

Tanker earnings generally softened in April, with the exception of the Black Sea-Mediterranean Suezmax market, which firmed quite substantially on the back of higher CPC Blend exports. MEG VLCC earnings were also relatively resilient, likely boosted by higher Iranian oil exports, ahead of widely anticipated sanctions, that helped offset smaller volumes from Saudi Arabia and Iraq. China's crude imports in April also surprised on the upside, rising to a record 9.64M b/d (+379K b/d m-o-m, +1.24M b/d y- o-y), though part of the volumes are likely backlogs that had just transited from floating storage into onshore tanks. The VLCC market received a boost late into the month by a flurry of West African loadings on Suezmaxes that incentivised charterers to co-load onto VLCCs. Meanwhile, the diversion of Russian crude exports to China through the new ESPO spur is also reducing cargo supply in Europe to the detriment of Aframaxes.