Tanker owners are likely to feel emboldened that the freight market will remain strong in the coming months on expectations of continued demand for oil storage.
Global political efforts in recent days to cut production appear to fall short of meeting market expectations of a collapse in demand.
The G20 group of major economies yesterday failed to offer explicit oil supply cuts to complement Opec+’s tentative agreement to slash a record 10m barrels per day (bpd).
