Tanker Shipping Market Overview & Outlook February 2024
29 February 2024Market strengthens despite slowing oil demand growth
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Market strengthens despite slowing oil demand growth
Capesize: The Capesize market faced a challenging week characterised by significant fluctuations.
Capesize: After several weeks of relatively flat price movement, the Capesize 5TC market has started to show a little positive sentiment with levels pushed to $15,299.
Whether the phase out of single hull and non-double hulled tankers becomes massive in 2010 or at the latest stage in 2015 does not really matter to the market.
Capesize: The Capesize market traded sideways this week as the 5TC closed at $10,302, an improvement of +1384 over the week. The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry Indices.
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. This especially holds true for the commercial shipping markets, which remain heavily reliant upon China, both on the import and export side.