Anticipated growth soon with the resumption of production by OPEC+
The tanker market experienced minimal fluctuations in earnings this week, with average crude tanker rates stabilizing around USD 43,000 per day following a decline in rates last week.
However, with the recent announcement of the lifting of OPEC+ production cuts, which is expected to add approximately 400,000 barrels per day in May and June, we anticipate a significant short-term strengthening of the market.
Significant Strengthening for the LPG Segment
The LPG market continues to gain momentum. Intense activity in both basins has led to strengthening in both the East and the West, with MEG–Asia earnings rising by 24% week-on-week to reach USD 41,386 per day, the highest level since China imposed high tariffs in early April. As for the PCTC market, no significant changes were observed over the past week.
Source: Clarksons