Tankers: Higher tonnage availability in hurting rates

The tanker markets have been witnessing some pressure this year, as increased tonnage availability has started to make an impact. In its latest weekly report, shipbroker Charles R. Weber said that “VLCC demand was uninspiring for a second consecutive week. Whereas last week’s chartering volume was only marginally below the 52‐week average, this week saw demand in the Middle East drop to half of last week’s fixture tally with just 12 reported (a YTD low) while in the West Africa market just two were reported this week – off 71% w/w and the fewest in seven weeks. The lower demand was compounded by the presence of a number of disadvantaged units in the Middle East and resulted in building negative pressure on rates”.

https://nrglinks.com/oil/article/11ba03/higher-tonnage-availability-in-hurting-rates