TANKER MARKET

摘要

Tanker rates continued to slide in June, with earnings on some routes easing to multi-month lows. Crude tanker returns were dragged down mainly by limited cargo volumes due to ongoing production curbs by OPEC+, which agreed to extend the combined cuts amounting to 9.7M b/d into July, and market-driven output reductions such as in North America and Norway. Meanwhile, a narrowing contango market structure not only reduced demand for vessels to be used as floating storage but also accelerated stockdraws. This meant that a number of vessels that were previously storing oil were added to the spot trading pool, elevating fleet supply. Against the backdrop of high inventories for both crude and oil products and firmer crude prices, refining margins remained weak, and this capped refinery runs and consequently, crude demand.