An influx of tanker tonnage released from floating storage is pressuring spot rates across all segments, with the oversupply of oil easing amid demand recovery, according to Vortexa.
The contango in crude futures has been flattening this month with more countries relaxing their Covid-19 lockdown measures, reducing incentives for oil firms to keep oil stored at sea.
“Spot freight markets are seeing an influx of tonnage as floating storage tankers discharge cargoes and look to their next voyage,” Vortexa said in a web post.
