Mcquilling: Tanker market demand on a standstill

While for the most part, 2008 can be hailed as one of the best year for the tanker shipping market, the effects of the global economic crisis managed to restrict the positives by the end of the year.

The international credit paralysis took its toll in the tanker market as well, by freezing sale and purchase activity, dropping asset prices by at least 20 percent and leading spot rates downwards, mainly as a result of OPEC’s cutbacks in production levels, which ended in fewer number of barrels to be transported by sea. These are included in the latest Tanker Market Outlook: 2009 – 2013, compiled by Mcquilling Services, a US-based Marine Transportation Advisors company. The report says “the next five years in the oil markets paints a picture of lackluster crude oil demand growth over this period.

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