Tanker shipping business will have grim prospect till 2021 Q3
Based on analytics of Poten & Partners, Tanker shipping business will have futility till 2021 Q3 and predicted that oil prices will rise during that time. An View continue Grim.
Planned carriages in 2021 are double fold than 2020 and in spite of that predicted lag with growth in the year,
Poten & Partners stated that the production of Tank fleet grown in 2020 with 36 VLCCs, 29 Suezmax & 18 LR2s/ Aframax , The fleet has been added with 10 Panamax and 63 MRs too. Still there is substantial dip in demand of oil shipping with less scrape.
Less Tanker demand and more number of vessels are principal cause of glim view year 2021 beginning. Until mid of 2021 or longer period, the oil and tanker business continues to be in tough position