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.