Tanker rates to remain under pressure in the coming months says report

A new analysis from BIMCO said that freight rates in both crude and product tanker segments will remain under pressure in the coming months. The exception to this overall assessment is the Atlantic clean market that could be in for ongoing firm rates lasting several weeks. Commenting on the outlook of the tanker market, the report compiled by shipping analyst Peter Sand said that the events in both Libya and Japan represent a continuing thread of uncertainty, but there is a clear contrast between the two countries’ different roles in the global energy system and tanker shipping markets. Libya is a supply story whereas Japan is mainly about demand. Libya’s importance to world oil markets derives from its role as producer of oil and oil products (1.8 million barrels per day in 2010). Libya is an exporter of high quality sweet crude oil, mostly to Europe, while Japan is a large consumer of crude oil and refined products.
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Source: Hellenic Shipping News