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Our recommendation remains to balance your exposure to market by seeking a fixture in the time charter market.
Demand for crude oil and oil product tankers is currently strong and both segments are enjoying an extended winter season with high earnings.
Some time ago, BIMCO expected the first signs of a solid recovery in the oil tanker industry to appear in the product tanker market. However, like other soon-to-arrive recoveries, the waiting time tends to increase as we approach the expected tipping point. This time around, global refinery throughput started the year strongly but entered a still running soft patch in May, high volumes but shorter hauls out of the US Gulf, and the steady inflow of new ships were part of the cocktail that prevented freight rates from taking off big time.
Floating storage is coming down on the narrowing of market contango, but persists in playing an important part in tanker demand