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Global Tankers’ Freight Likely to Rebound in Q4: Platts

FREIGHT

Global tankers’ freight may rebound after winter demand sets in during Q4, according to Platts.

  • This sets the stage for an exit from a period of weaker refinery runs and diverging trends between clean and dirty tankers.
  • The lingering Suez Canal crisis and only a trickle of new deliveries are supportive fundamentals, while the slowdown in oil demand growth and Chinese weakness is adding downside.
  • MSI has forecast the daily average spot VLCC earning at $33,700 in Q3, basis voyage from the US-China.
  • VLCCs are suffering from China’s weak crude demand - Q2 refinery runs and imports both declined.
  • The crude tanker fleet has grown only marginally so far this year, with only a VLCC and a Suezmax each being delivered.
  • Another dozen dirty tankers are expected to be seaborne in 2024, but the fleet will be largely unchanged when factoring demolitions.
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