Freight rates likely to remain elevated for dirty tankers
Crude tanker market outlook remains strong
Ukraine fallout continues to elevate tanker demand while restricting vessel availability
Freight rates are likely to remain elevated this year for dirty tankers—those vessels primarily used to transport crude—despite wider economic headwinds. The Ukraine invasion forced a shift to longer, less-efficient movement of oil around the world, a pattern that will persist and might become more pronounced. And at the same time, slow fleet growth and illicit activity are also likely to limit tanker availability in 2023 and support freight rates. Last year saw a significant rerouting and reshuffling of global crude flows in the wake of Russia’s invasion of Ukraine, in what Saad Rahim, chief economist at trading house Trafigura, recently termed a “rewiring of the oil markets”. Large volumes
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
