Spot earnings are exceeding seasonal levels, signalling positive momentum heading into September
The crude tanker market is enjoying a particularly strong August, with spot earnings significantly exceeding seasonal norms.
This strength is underpinned by a notable shift in fundamentals: OPEC+ has increased production by around 2.5 million barrels per day over the past year, directly boosting demand for crude carriers, while China continues to expand its storage capacity. Looking ahead, the fourth quarter is also expected to provide additional seasonal support, driven by typically higher demand.
The outlook remains favourable heading into autumn
OPEC+ is expected to lift its remaining voluntary production cuts at its meeting on 7 September, which would strengthen global supply. This increased supply would boost utilisation of crude carriers, particularly Suezmaxes and Aframaxes. With fundamentals and market sentiment aligned, the outlook for September remains optimistic.
Sources: SEB and TradeWinds