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Maritime News

Tanker Market in 2017 Oversupply of tonnage demand bumps and new policies hurt freight rates

In its latest weekly report, shipbroker Gibson said that “the tanker market remained challenging with freight rates under pressure from a constant barrage of tanker supply, while the demand side was impacted by OPEC’s crude decision to implement production cuts which also impacted in a lack of arbitrage opportunities. One of the few exceptions to the bearish picture was the spike in rates witnessed as a result the surge in demand on Continent-USAC (TC2) route following the outage of US refining capability in the wake of Hurricane Harvey. This spike was short lived and quickly reverted to previous levels. Since June, the Brent oil price has risen by around $20/barrel which has had more of an impact on owners earnings. However, unfortunately the supply and demand balance is still some way off particularly given the wave of newbuilding added to the existing orderbook”, Gibson noted.

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