US crude exports did not result in the boost tanker carriers anticipated in 2020

Crude oil exports from the US were supposed to drive the tanker market in 2020, but the end-result became something entirely different. This is one among several reasons why the market, according to brokerage Simpson Spence Young, faces a challenging year in 2021.

Photo: PR / Euronav

It looks as though 2021 will be a challenging year for the tanker market not least in the light of last year's sky-high oil stockpiles and an overhang of tonnage following the lowest scrap-level in 30 years.

Such is the conclusion of a report by brokerage Simpson Spence Young, which examines the outlook for several shipping markets. Among other things, the brokerage points out that US crude exports were supposed to drive the tanker market. But ahead to the last quarter of 2020, US crude exports decreased significantly.

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