1
Tanker Market Outlook
Prepared for Olympic
London Ship Finance Forum – Jan 23, 2019
Henry Curra – Global Head of Research
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Tanker asset values
$93m
$60m
$40m
$23m
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Barometers – FFAs and TC rates
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Spot earnings outlook - annual
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Spot earnings outlook - quarterly
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Timing of NB deliveries
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Timing of NB deliveries
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LR2 ‘swing’ fleet
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Crude tanker ‘swing’ fleet
11
Vessel scrapping / removal
OPEC cuts spell trouble
13
(Braemar ACM, Reuters)
OPEC Production cuts
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USA to the rescue
Quarterly
15
USA’s ‘extra’ tanker demand
Monthly
16
Iran production down but not out, yet
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Record refinery capacity additions in 2019
Tanker market & the world economy
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Asian financial crisis
Dot-com bubble bursts
Global financial crisis
Russianfinancial crisis
Early 1990s recession
Global economic recession
Source : Braemar ACM
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IMO effect - clean
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Future ordering
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Utilisation outlook