January 15, 2023
The continued redrawing of trade routes and rising oil demand as China opens its borders are set to support mid-size tanker rates in 2023.
Tanker rates have softened over the past month, particularly in the VLCC segment due to reduced OPEC output. However, mid-size tanker spot rates remain relatively firm, with Russian crude oil exports largely flowing as normal following the introduction of the EU import ban and G7 price cap on Dec 5th, 2022.
Looking ahead, the opening up of China’s borders could generate a significant amount of oil and tanker demand during 2023. This should be positive for tanker rates, though some near-term headwinds could create volatility during the first half of the year.
Watch Christian Waldegrave‘s monthly tanker market update for more.
For more information about the Teekay Tanker Commercial services, check out: http://tankerservices.teekay.com/
Forward Looking Statements
This content contains forward-looking statements which reflect the Company’s current views with respect to certain future events and performance, including statements regarding: tanker market fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in spot market tanker rates; changes in the production of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders or greater or less than expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 20-F and subsequent Reports on Form 6-K for the quarterly periods ended thereafter. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.