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2018 has been a year of extremes. For most part, trading conditions have been very challenging amid a persistent oversupply of tonnage, with spot earnings often well below operating expenses. TCE returns for VLCCs trading on the benchmark TD3C voyage from the Middle East to China averaged just over $11,000/day during the 1 st nine months of the year. However, since early autumn, notable increases in loadings out of the Middle East and strong demand from Asian refiners for Middle East and Atlantic Basin crudes have contributed to a very impressive rebound in earnings, with TD3C averaging in Q4 at over $50,000/day.
The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
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