November 9, 2023
Mid-size tanker have firmed significantly ahead of the seasonally stronger winter months, while positive long-term supply fundamentals remain intact
Rising seaborne crude oil exports from key mid-size tanker load regions, an increase in refinery throughput to meet winter oil demand, and the onset of seasonal factors have led to a significant increase in mid-size tanker spot rates at the start of Q4-23, and we expect rates to remain firm in the coming months.
Looking further ahead, a small tanker orderbook, a lack of available shipyard capacity until 2027, and an aging fleet point towards continued strength for spot tanker rates over the medium term.
Watch Christian Waldegrave‘s monthly tanker market update for more.
Forward Looking Statements
This content contains forward-looking statements which reflect the Company’s current views with respect to certain future events and performance, including statements regarding: tanker market fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in spot market tanker rates; changes in the production of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders or greater or less than expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 20-F and subsequent Reports on Form 6-K for the quarterly periods ended thereafter. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.