Market Outlook: Why not yet and why now...
We are now in December and the tanker market remains surprisingly weak. At the time of writing, rates in the MR segment are around USD 8,000 per day – double the level earlier this autumn, certainly, but still some way below what an MR vessel requires in order to break even. The same applies to crude oil tankers like the Suezmax vessels.The reason why the market has not yet experienced its big boost is mainly due to two factors: · Continued production cuts and stock withdrawalsDespite a strong recovery in both the world economy and oil consumption, total OPEC+ production remains at