ShippingWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

IKEA sustainability manager: Green solutions should not cost more

As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.

Long Beach logjam of container vessels grows to 80

Bottlenecks at major US container ports in continue to grow, with the ports of Long Beach and Los Angeles being the worst hit at the moment. Here, 80 vessels are waiting to berth, according to new figures form Vessels Value.

Further reading

Related articles

Trial banner

Latest news

See all jobs