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 coupled with oil supply cuts from Russia and Saudi Arabia.

Looking ahead, we are confident that the tanker market will rebound during the winter months due to increased oil supply and demand while the outlook for the next 2-3 years remains positive due to very strong fleet supply fundamentals.

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