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Tanker vessels below break-even as pandemic drags on

The tanker market remains way off a much-needed recovery, as the Covid-19 pandemic continues to trigger lockdowns and low demand for crude oil and oil products globally, writes Bimco in an update.

Photo: euronav

Weak demand for oil and oil products, fuel in particular, continues to present a major challenge for tanker carriers, which are currently sailing at rates below break-even, writes Bimco in an update.

"Average earnings have dropped below USD 10,000 per day since June for all crude oil tankers, with many trades offering negative earnings," notes the shipping association.

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