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 long-haul crude oil exports from Russia, supported by high export volumes from other key mid-size tanker load regions such as the US Gulf.

Rates have moderated at the start of the third quarter in line with normal seasonality, though they remain well above long-term average levels.

Looking ahead, we expect another period of strong tanker rates to develop during the winter months with continued strength over the next 2-3 years due to very positive fleet supply fundamentals.

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