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 due to robust long-haul crude oil exports from Russia to Asia and an increase in Atlantic-to-Pacific oil movements as US crude oil exports reached record highs. Although there are some potential near-term headwinds on the horizon, we expect the tanker market to remain firm through the remainder of 2023 with continued strength in the next 2-3 years due to very strong fleet supply fundamentals.

Watch Christian Waldegrave‘s monthly tanker market update for more.