1.Suezmax spot earnings averaged $8,820/day in February, firming m-o-m by almost $3,000/day. Earnings in February benefitted from a steady flow of cargoes in multiple regions, especially in the Med and UKC. Nevertheless, earnings sat around $20,000/day below the Feb-20 average. Spot earnings firmed a little in early March, averaging $9,954/day in the first week. 2.Total Suezmax dwt demand is expected to grow by 4.2% in 2021, c.5% below 2019 levels. Growth in dwt demand in 2021 is expected to be limited a the fall in crude volumes ex-MEG in accordance with OPEC+ supply curbs, and by limited growth in US exports owing to overall pressure on oil output from Covid-19 impacts as well as recent disruption from February's 'deep freeze'. 3.However, dwt demand is expected to see some support from the return of Libyan crude supply, driving increased exports ex-Med. 4.The share of Suezmax dwt capacity engaged in floating storage averaged 2.9% in February, now standing below Feb-20 levels.
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