TANKER MARKET

摘要

Large crude tanker earnings spiked to multi-year highs in October, triggered by the placing of sanctions (in late September) by the US on tanker affiliates of COSCO over shipments of Iranian oil. This squeezed VLCC availability occurred at a time when Atlantic Basin VLCC supply was already tight amid rising trade to Asia and ships being reluctant to ballast into the Atlantic as they were awaiting scrubber fitting in Asia and needed shorter voyages instead. However, earnings retreated in 2H amidst slower trade, as freight rates were so high that they curbed incremental crude buying and shut arbitrage opportunities from the Atlantic Basin to Asia.