1H 2014 Tanker Market Recap and Outlook
Aug. 26, 2014
In the first half of 2014, we saw an increase in VLCC fixture activity, driven mainly by demand from the Far East. Supporting this, our proprietary data showed that liftings out of the Arabian Gulf to the Far East increased by about 10% year-on-year and 16% from West Africa to the Far East. We've also seen a rise of about 6% in Caribbean sourced volumes transported to the Far East on VLCCs.
So, what kind of impact did this activity have on spot rates? Through July, AG/East VLCC spot rates averaged WS 46 (TCE US $19,500/day). When compared to the same period last year, this route averaged WS 39 (TCE US $8,500/day). West Africa/China averaged WS 48 (TCE US $21,000/day), compared to WS 40 (TCE US $10,000/day).
To find out about the Suezmax, Aframax, LR2, LR1 and MR sectors as well as our forecast for tanker market ton-mile demand in the second half of the year, tune into our most recent episode of McQuilling TV.
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