Market Updates | Teekay

Market Updates

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Teekay Tankers’ Market Update – January 2024

22 January 2024

Mid-size tanker spot rates remain firm, though volatile, while positive long-term supply fundamentals remain intact. 2023 was one the of the best years on record for Aframax and Suezmax spot…

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Teekay Tankers’ Market Update – November 2023

9 November 2023

Mid-size tanker have firmed significantly ahead of the seasonally stronger winter months, while positive long-term supply fundamentals remain intact  Rising seaborne crude oil exports from key mid-size tanker load regions,…

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Teekay Tankers’ Market Update – August 2023

23 September 2023

Weaker spot tanker rates in Q3-23 but long-term supply and demand fundamentals remain very positive Spot tanker rates have weakened during the third quarter of 2023 due to normal seasonality…

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Teekay Tankers’ Market Update – September 2023

22 September 2023

Weaker spot tanker rates in Q3-23 but long-term supply and demand fundamentals remain very positive Spot tanker rates have weakened during the third quarter of 2023 due to normal seasonality…

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Teekay Tankers’ Market Update – July 2023

14 July 2023

Mid-size tanker spot rates remain firm, though volatile, while positive long-term supply fundamentals remain intact The tanker market saw continued strength in the second quarter of 2023 due to robust…

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Teekay Tankers’ Market Update – May 2023

18 May 2023

Mid-size tanker spot rates remain firm, though volatile, while positive long-term supply fundamentals remain intact Although mid-size tanker rates have come off the highs of Q1-23 they remain very firm…

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Teekay Tankers Market Update – April 2023

6 April 2023

Very firm tanker rates in Q1-23 with expectations of continued strength in both the near and medium term The tanker market saw continued strength in the first quarter of 2023…

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Teekay Tankers Market Update – January 2023

15 January 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…

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Teekay Tankers Market Update – December 2022

8 December 2022

Reflecting on an extraordinary year for the tanker market. At the beginning of the year, tanker rates were at depressed levels following one of the worst years for freight rates…

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Teekay Tankers’ Market Update, September 2022

17 September 2022

Tanker rates have firmed across the board in recent months due to longer voyage distances following Russia’s invasion of Ukraine coupled with positive underlying tanker supply and demand fundamentals. Looking…

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Teekay Tankers’ Market Update, June 2022

27 June 2022

Changing trade patterns continue to support mid-size tanker rates while product tanker rates surge on high demand. Looking at spot tanker rates over the past month, we have seen a…

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Teekay Tankers’ Market Update, May 2022

20 May 2022

We are restarting our monthly video series on the tanker market, beginning with our outlook for May 2022. Spot tanker rates have increased following Russia’s invasion of Ukraine and look…

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Teekay Marine Markets – Tanker Update, Q1-2022

12 May 2022

Crude tanker spot rates were relatively weak during the first two months of 2022 due to the impact of the Omicron COVID-19 variant on oil demand, lower than expected oil…

Teekay Marine Markets – Tanker Update, Q4-2021

25 February 2022

The Company expects that spot tanker rates will recover from the multi-decade lows seen in 2021 as both oil demand and supply are expected to revert to, and then surpass,…

Teekay Marine Markets – Tanker Update, Q3-2021

4 November 2021

The tanker market has seen a period of exceptionally low spot rates in 2021 to-date. However, the tanker market is experiencing an improvement at the start of the fourth quarter…

Teekay Marine Markets – Tanker Update, Q2-2021

6 August 2021

Crude tanker spot rates remained very weak during the second quarter of 2021 as the global COVID-19 pandemic continued to weigh on the crude tanker market. Some of the main…

Teekay Marine Markets – Tanker Update, Q1-2021

18 May 2021

Crude tanker spot rates remained under pressure during the first quarter of 2021 due to the ongoing impact of the COVID-19 pandemic on global oil demand, oil supply cuts by…

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Teekay Marine Markets – Tanker Update, December 2019

17 December 2019

Spot tanker rates saw extreme rate volatility during the fourth quarter due to short-term fleet supply tightness and strong oil and tanker demand in the run-up to IMO 2020. Further…

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June 2019 Tanker Market Update

3 July 2019

The tanker market has seen lower rates in Q2-2019 due to seasonal weakness and a series of near-term headwinds. However, we are starting to see some early signs of volatility…

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Teekay Marine Markets – Tanker Update, December 2018

17 January 2019

Tanker rates are exiting 2018 on a high note, with rates at 2-3 year highs across all segments. However, OPEC supply cuts from Jan’19 may introduce some rate volatility during…

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Teekay Marine Markets – Tanker Update, November 2018

26 November 2018

Crude tanker spot rates are currently at 2-year highs due to record high oil supply from Saudi Arabia, Russia and the US. Tanker supply and demand fundamentals look positive for…

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Teekay Marine Markets – Tanker Update, October 2018

22 October 2018

Tanker spot rates have strengthened at the beginning of Q4-2018 due to an increase in OPEC production and strong seasonal demand. It is encouraging to see the return of volatility…

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Teekay Marine Markets – Tanker Update, August 2018

29 August 2018

By no means rates are strong, but emerging rate volatility in recent weeks has been encouraging. Head of Market Research, Christian Waldegrave, is back with another tanker market update. In…

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Tanker Scrapping in Q1-2018 was the Highest in Over 35 years

6 April 2018

Tanker scrapping has started 2018 with a bang, as a combination of low freight rates, high scrap prices, an aging tanker fleet, and the impact of upcoming vessel regulations have…

Teekay Marine Markets – Tanker Update, March 2018

14 March 2018

Since the start of the year, we’ve seen a continuation of what we saw at the end of 2017 in terms of very weak rates across the board and we…

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Newbuilding Prices Finding Support

8 March 2018

In 2016, the shipping industry experienced a dramatic collapse in newbuild orders due to a weak market environment across all shipping segments. As a result, 2016 saw the lowest number…

Rapid Rise in US Oil Production – A Mixed Bag for Tankers

7 February 2018

The renaissance in US crude oil production over the past few years has been nothing short of spectacular. To recap, US crude production rose steadily through the course of the…

Teekay Marine Markets – Tanker Update, January 2018

28 January 2018

To say that the tanker market in December was a disappointment would be a massive understatement… In fact, for mid-size tankers it was the worst December for spot rates since…

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Oil Price at a 3-Year High – Is it Time for OPEC to Open the Taps?

12 January 2018

On January 11th 2018, Brent crude oil reached $70 / bbl for the first time since December 2014. This marks a 55% increase in price over the past six months,…

Tanker Market Update Nov 2017

Teekay Marine Markets – Tanker Update, November 2017

4 December 2017

October proved to be fairly strong for tanker rates.

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Bah Humbug; Hard Times for the tanker market, but Great Expectations for 2018

12 November 2017

“What’s Christmas time to you but a time for paying bills without money; a time for finding yourself a year older, but not an hour richer; a time for balancing…

Potential supply disruptions could influence OPEC decision making

10 November 2017

Global oil markets are tightening as high oil demand and OPEC supply cuts have resulted in a drawdown in global oil inventories. This in turn has give support to oil…

Tanker Scrapping on the Rise

13 October 2017

One of the main contributors to the low tanker rates experienced during 2017 has been high fleet growth, particularly in the large crude tanker sectors. This is partly due to…

Hurricane Season in Full Force

29 September 2017

Atlantic hurricane season is in full force with 11 named storms forming thus far and another 5-9 predicted before the season ends. The eighth of these storms, Hurricane Harvey, made…