The rebalancing of the oil market due to coronavirus-trigged disruption has led to a dearth of tanker fixtures in the past week, according to market sources — with demand for floating storage apparently peaking.
Brokers reported limited spot demand for tankers in the world’s main crude-exporting regions, where producers have begun the largest supply cuts in history.
“The tanker market has started to witness a substantial slowdown across all key trading routes, with TCE [time charter equivalent] levels in most cases slashed almost in half compared to the week prior,” Intermodal said in a note.
