Crude tanker market rates saw some revival in nominal rates through December, with bunker prices boosting earnings to relatively firm levels. The trend was short lived, however, as the holiday period kicked-in and limited fixture activity resulted. The substantial change in flat rates between 2008 and 2009 then led to sharp nominal Worldscale rate changes for some routes into January. December's up-tick in rates was despite the deteriorating economic conditions that emerged, much lower oil prices and revised oil demand estimates for the year. Forecasts for 2009 were also adjusted by key reporting agencies through December with the consensus view now pointing to a second year of contraction as consumers pull back on energy use - particularly in the transport sector and industries cut back on production.
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