MR Product Tanker The “Weapon of Choice” for Ship Owners During 2019

MR Product Tanker The “Weapon of Choice” for Ship Owners During 2019
04/01/2020

The shipping industry is heading towards a landmark year in 2020, with the latest marine fuel rules upsetting common practices, while yesterday’s Middle East events are bound to make waves in the weeks to come.

In its latest weekly report, shipbroker Intermodal noted that “as another year in the shipping industry ended, it is interesting to look at the dry bulk and tanker markets and how these performed in 2019. In the tanker sector, 2019 is undoubtedly closing positively when compared to the previous two years. VLCC time charter earnings during October reached around $100,000/day, a level that has been sustained up until today. The one-year period was even quoted at $55,000/day at one point during the last quarter, which was an impressive increase of more than 40% compared to January 2019 levels. The United States sanctions against Iran, Venezuela and eventually vessels calling these ports seemed to have supported rates as a significant amount of tonnage was blacklisted and there unable to trade as before”.

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