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Date: 23/04/2024

Tanker freight rates seen up in Q2

Global dirty and clean tanker freight rates are expected to remain elevated in the second quarter on high refinery margins, slow fleet growth and longer voyages amid geopolitical disruptions, but the looming refinery maintenance is likely to keep gains in check, according to market participants and analysts. The OPEC+ supply cuts are still in place even though the organisation has forecast an over 2 million b/d increase in oil demand this year. Fewer shipments of crude from the Persian Gulf to destinations such as Europe and India have been offset by longer voyages either from the US or Russia, thereby supporting freight. Global oil demand is projected to have risen by a higher-than-expected 1.7 million b/d in the January-March quarter on the back of a rise in bunkering and a stronger outlook for the US, said the Paris-based International Energy Agency, as per a report.
 
source: Exim News Service: Paris, April 22



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