The Big Picture
MR freight outlook
At the height of COVID in late 2020, building a new MR at a Korean yard would cost around $32m. Today it is $46m. A modern second-hand unit could be bought for around $26m.
Today it is $42m. Chartering a modern MR for one year would have cost $14.5k/day. Today, $29k/day. Even the three-year rate has risen from $16k/day to $24.5k/day over the period.
MR freight outlook
A peak beyond Russia’s war
May 29
Tanker earnings
Rough month
April 24
Tanker fundamentals
Can freight stay strong?
March 26
Tanker demand drivers
The next 6 months
March 06
Specialised Tankers
Does size matter?
February 17
China increases 2023 fuel oil import quotas by 3 million mt
November 30
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Middle East diesel/gasoil exports to Europe fall, Europe increases supplies from US
November 30
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Storm disrupts Russia’s Black Sea exports
November 30
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OPEC+ delay upcoming meeting, resulting in oil price decline
November 23
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Panama Canal congestions alters CPP flows into West Coast Americas
November 23
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Canada faces export bottlenecks as crude output increases
November 23
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IEA and OPEC both slightly upgrade 2023 oil demand outlook
November 16
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The US has set a date for Venezuela to meet terms of sanctions
November 16
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US and UK clamp down on Russian price cap trade
November 16
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US records highest oil production month in history
November 16
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