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, an increase in refinery throughput to meet winter oil demand, and the onset of seasonal factors have led to a significant increase in mid-size tanker spot rates at the start of Q4-23, and we expect rates to remain firm in the coming months.

Looking further ahead, a small tanker orderbook, a lack of available shipyard capacity until 2027, and an aging fleet point towards continued strength for spot tanker rates over the medium term.

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