Tanker industry avoiding crisis: For how long?

It seems as if shipping is divided in two separate camps these days.

On one side there is dry bulk with its massive ups and downs, now resting near all-time lows, without any “desire” to pick up. The Baltic Dry Index (BDI) began 2009 almost without any turbulences, staying put at 772 points, dropping by one point in the last couple of sessions. On the other side, there is the tanker market, which resurged from its ashes during 2008, managing to post average rates of near records. According to a report compiled by Allied & Shipbroking ship owners of Suezmaxes managed to earn an average daily rate of $67,200, while those with Aframaxes earned a daily average of $49,800, higher than ever before Similarly, VLCCs ended the year with an average daily charter rate of $88,400, which is almost at the record levels of 2004, when each of these sea “giants” topped daily averages of $88,700, according to R.S. Platou Economic Research.

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