Tanker market is on the rise after bottoming out – earnings to turn black in 2022

Even though the demand for crude oil and refined products is still low, the vessel values are rising on the tanker market, which is moving up after bottoming out. Figures will turn black in the second half of 2022, says Drewry.

Photo: PR / Euronav

This first half year has proven dreary for the tanker market, with losses posted by most major carriers, but now the market has bottomed out, and the market is moving in the right direction, according to an analysis by analyst firm Drewry.

However, the coming months and quarters will likely also result in losses, notes Drewry, as the demand for oil and the oil trade will need to recover from the effects of the Covid-19 pandemic and the ensuing shutdowns, and this will take time.

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