While tanker earnings generally eased back in May, overall tanker market conditions remain healthy though with ongoing volatility and variation across ship types. Average weighted tanker earnings fell by 18% m-o-m to $39,126/day in May but were still c.85% above the 10-year average. Average fleet weighted VLCC earnings fell below $40,000/day in May on the back of fewer ex-MEG cargoes amid OPEC cuts. However, VLCC earnings have been volatile recently, with chartering activity supported by firm seasonal demand at Asian refineries and strong Atlantic exports. Nonetheless, there is potential for some softening in the short-term as fresh OPEC cuts impact. Meanwhile, the Suezmax and Aframax markets demonstrated greater resilience in May; average fleet weighted earnings in both sectors rose to above $60,000/day in May, though earnings have experienced softer trends in early-June.
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