Key numbers

摘要

Oil prices continued to rise in Q4 09, much to the distress of ocean carriers, bearing in mind their poor track record on bunker surcharge recoveries. However, prices remained for long periods at psychologically important levels - at first around USD70/bbl and then USD80/bbl, so the increase was not steady. This was due to a continuing two-way tussle between conflicting expectations. One which pulled prices up was strength in the US economy, encouraging many to believe that it would result in more oil demand. And the other, which pulled them down, as that mistaken belief created huge excess stocks of oil in the wrong place at the wrong time.