On August 17, the profits of super-large tonnage tankers reached nearly $ 40,000 a day - the highest since June 2020. Shipping rates according to the Worldscale tariff also increased by nearly 40% in just one week. Shipowners say the number has skyrocketed thanks to increased oil departures from the Middle East and the US.
Demand for tankers used to plummet when countries cut production during the pandemic. However, record exports from the US and increased production from OPEC countries are once again increasing the amount of oil shipped by sea. Besides, the redirection of Russian oil exports also changes shipping routes, making trips longer and putting pressure on the global fleet.
"We're seeing very active activity in all the major oil storage areas. Shipping rates are also increasing rapidly," said Lars Barstad, CEO of Frontline Management. This is one of the companies owning the largest fleet of supertankers in the world.
"Global supply is at a critical juncture, as production in the US increases, the US releases its strategic stockpile and output in Saudi Arabia stabilizes," he said.
Other oil tankers in recent months have also done well. The market for ships carrying refined products is currently the most active in 25 years. Rates for smaller tankers also increased, due to the impact of the Russia-Ukraine conflict.
While U.S. exports remain volatile, last week's data set a record at 5 million barrels a day, according to the U.S. Energy Information Administration (EIA). Oil exports from the Middle East also increased sharply in July, according to data tracking ships by Bloomberg.
Stocks of oil tanker operators have been rising steadily in recent weeks. Euronav is now trading at its highest level since 2010. Meanwhile, Frontline and International Seaways are approaching 2-year highs.
Ha Thu (according to Bloomberg)
