Supertankers Head for Worst December in Nine Years as Ship Glut Cuts Rates

The extreme weather conditions experienced throughout Continental and Western Europe during the previous weeks were good news for tanker owners, especially those of the Aframax market. With similar condition prevailing during the winter season of 2009/2010, Aframax tanker ship owners witnessed that daily earnings for 80,000 tonne crude shipments in the North Sea route (TD7) were increased from zero levels in the third quarter of 2009 to an average of $27,000 per day during the first quarter of 2010. In particular, daily returns for TD7 hiked to a high of $69,000/day in March 2010 on the back of weather related disruptions.
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Source: Bloomberg