•tIn January, Suezmax average spot earnings weakened by 33% m-o-m to stand at $23,579/day. Meanwhile, the guideline one year Suezmax timecharter rate declined by just 2% m-o-m to average $22,000/day. •tIt is currently expected that deadweight demand for Suezmax tonnage will remain fairly steady in 2017, following growth of 2.9% last year. Suezmax crude trade out of West Africa is expected to remain under pressure as the political situation in Nigeria is one of continuing instability, with the country's crude output in 2017 currently projected to remain weak following a sharp decline in 2016. Meanwhile, Suezmax crude trade on the Middle East to India route is projected to grow by 11% in 2017, despite the cuts in oil production by OPEC. Exports from Iran are likely to fuel this increase as Iran remains exempt from the cuts and the country is aiming to take advantage of India's expanding refinery capacity to raise shipments.
展开▼
