Weekly Tanker Market Monitor: Week 26, 2023

Posted by
Maria Bertzeletou
June 30, 2023
Growth in Aframax tonne days in the dirty segment represents a significant recovery in Q2
Data Source:

The performance of tanker freight rates in June has shown a weaker sentiment for crude tanker rates, while the Aframax Med route has maintained a relatively steady momentum. As depicted in the image above, the dirty segment, specifically Aframax tonne days growth, has experienced a significant recovery during the second quarter. On the other hand, the clean trading sector has faced a noticeable decline during the same period. This difference in performance underscores the contrasting dynamics between these two segments. The strong rebound in Aframax tonne days growth suggests improved market conditions and increased demand for dirty trading. Conversely, the slump in clean trading indicates challenges and a weaker performance in that particular sector.

Exciting developments have emerged in the oil market as recent news suggests that China might soon release a substantial quantity of imported oil from Iran. Reports from Reuters indicate that China is planning to release around 10 million barrels of oil, which were imported from Iran and Venezuela and have been awaiting clearance at ports for several weeks. This decision comes as cargo scrutiny has heightened, and it presents an intriguing development in the ongoing dynamics of the oil industry.

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