Note: Time charter rates (Wednesday, 27 April)
Published 27. Apr 2022 3:40 PM
The tanker market has experienced some extreme volatility recently, all initiated by the Ukraine-Russia war, which created an uncertainty in the market, which has shown profitable for most Owners so far.
It has not been easy to own a crude tanker and still make a profit in a little over a year’s time. But, Owners started to see some clear improvements in the spot market a few weeks back, which also affected the period market in a positive way. The increase was not for nothing, but we have already started to see rates ease again after two slower weeks in the underlying spot market. We hope to see some resistance on the way down as an indicator that the market is still in its improving phase.
The product tanker market really took off a few weeks back, when we had both a strong west and east spot market pushing rates to higher levels than seen in a long time. Period rates quickly started to align themselves with the movement of the market, and after we saw a bit of decrease from their highest peak, it seems that charterers and Owners are starting to find common ground.
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