The list of industries that have been hit hard by Covid-19 is long, with shipping being just one of the many casualties. Although in spring tanker rates surged to unprecedented highs amid discharging delays and floating storage demand, today’s market is very different, with TCE earnings on many trades stuck at or below OPEX for a few months now. There also appears to be little optimism about the near-term prospects, although a renewed interest for storage plays has added some degree of extra support. The IEA does not see oil demand fully recovering next year. Even by December 2021, consumption is expected to remain notably below December 2019 levels, primarily due to a weak outlook for aviation as air travel is likely to remain severely curtailed until a vaccine is found.
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2020 09 11 A Glimmer of Hope |
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