Norwegian tanker carrier extremely exposed in the rate collapse

The low point in the international shipping world is now coming from Suezmax tanker vessels, which are sailing at just USD 8,500 per day. The culprit likely lies in West Africa. 

Photo: Nordic American Tankers

The weakening of the international tanker market has been particularly painful for Suezmax vessels, where tanker carriers such as Nordic American Tankers in particular are harshly exposed.

Since the beginning of the year, the rates have declined by about 80 percent to the current 8,500 USD per day in the crude oil segment. Deutsche Bank paints the current rate levels for these vessels as "shocking" in the shipping world, now during a period where the tanker market has experienced a dramatic fall within both crude oil and product tanker after last year's upturn.

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