Gibson Shipbrokers: Weekly Tanker Market Report – Week 25 (2020)

19 June 2020

Gibson Shipbrokers

Weekly Tanker Market Report

19 June 2020

Source: Gibson Shipbrokers

As we near the halfway point of 2020, it seems like an impossible task to summarize everything that has transpired over the past 6 months. Even events which were considered major at the time now seem like a distant memory. 2020 kicked off with high tensions between the US and Iran following the killing of General Soleimani. The world wondered how Iran might react, with attacks on shipping thought likely. Then, just weeks later, the US and China signed a Phase 1 trade agreement which was expected to lead to increased Chinese buying of US commodities. Seemingly connected to this deal, sanctions against COSCO Dalian were lifted, which increased tanker supply and pushed rates to lower levels, albeit briefly. Around the same time, increased conflict in Libya saw crude exports plummet, from which they have yet to recover. Whilst the World was already aware of Covid-19, in January (when these events occurred) it was largely seen as a Chinese problem. Most of the World carried on as normal.

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