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Suez Canal oil tanker transits hit all-time high last month

A record number of tanker vessels made their way through the Suez Canal in May. This development is likely due to an increase in fleet activity as a result of higher tanker rates, writes Bimco. Meanwhile, a growing number of container liners currently opt for the route south of Africa instead.

Photo: Mohamed Abd El Ghany/Reuters/Ritzau Scanpix

A total of 485 oil tankers sailed through the Suez Canal in May 2020, setting a new record for the segment.

The increase is likely caused by a growing demand for low-sulfur fuel oil, which in tow with the oil price war and subsequent skyrocketing rates has caused the tanker fleet's activity level to increase, writes Bimco in a new analysis. Product tankers accounted for nearly three quarters of transits.

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