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Tankers Whats Next for Aframaxes as Segment is Looking to Deal with Oversupply Issues

With 75 tankers of the Aframax class looking likely to enter the global fleet in 2018, on top of the 67 LR2/Aframax ones already entering into the global fleet this year, it seems that tonnage oversupply could plague the market for the years to come. What about demand though? In its latest weekly report, shipbroker Gibson noted that “crude exports out of the Former Soviet Union (FSU) are one of the biggest demand drivers for the Aframax market in the Atlantic Basin. The significance of regional trade has been further boosted by the decline in Aframax shipments in the Caribbean and in the North Sea. Strong gains in FSU seaborne crude exports were seen in 2015/2016 and trade continued to increase this year despite OPEC led production cuts, being driven by rising crude exports through the CPC terminal in the Black Sea. CPC exports averaged over 1.15 million b/d between January and October 2017, up by 250,000 b/d versus the corresponding period last year, following the start-up of the giant Kashagan oil field in the Caspian Sea. There also have been some modest gains in Russian exports of its Arctic crude, which more than offset a minor decline in crude shipments in the Baltic”.

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