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Tanker Freight Rates to Find Support in 2024: Platts

FREIGHT

Tightening fleet capacity, geopolitical tensions, and stronger crude exports should boost tanker freight in 2024, despite OPEC+ cuts and slowing demand growth, Platts said.

  • Insurance costs will remain elevated due to ongoing attacks in the Red Sea. The longer journey around the Cape of Good Hope will increase tonne miles and voyage durations.
  • Analysts also expect OPEC+ to reverse some production cuts in mid-2024 - in addition to strong US output - adding additional freight demand.
  • Oil flows have begun consolidating towards higher tonne-miles and freight, following tumultuous years after Russia’s invasion of Ukraine. This includes increased US-Europe and Russia-Far East journeys.
  • The orderbook for tankers is now thinner for the next two years, Platts added. Despite an expected 2m b/d increase in crude demand, VLCC deliveries halved year on year to 22 in Jan-Nov 2023.
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