October 10, 2019 | Semiramis Assimakopoulou
We haven’t seen a tankers market this active for years. All segments are booming, vessel supply is dropping in all regions, and rates are going up.
Just 15 days ago, a Suezmax fixed in the West made around $30K per day. Ten days ago, that number climbed to $55k per day and today, it has more than doubled to exceed $100k per day.
Today we’re seeing several factors that impact vessel availability: from major recent events in Saudi Arabia, sanctions, drydock preparations for IMO 2020, bad regional weather, and increased demand in Libya.
Whenever vessel supply drops every vessel counts! At Signal, we are obsessed with counting vessels accurately. The Signal Ocean Platform employs powerful algorithms to turn data into real-time views of vessel availability around the global spot markets. This allows any market player to make better, faster commercial decisions.
Take a look at the supply trend above for Suezmaxes in West Africa and the associated TCE per vessel generated by Signal Ocean. Supply has dropped dramatically in the last 10 days by around 60% for the same future loading window.
Check out the list below which shows freight rates and associated fixtures for VLCC’s loading in the U.S. Gulf and destined for the Far East over the last month:
When the TCE for one voyage starts looking like S&P prices, investing in technological solutions is a no-brainer for charterers, owners and brokers.
If you want to know more, please contact us to request a demo or call us at +30 210 892 8028.
April 5, 2020 | We looked at 3 scenarios to understand the impact of crude oil oversupply on VLCC supply
March 27, 2020 | What would longer voyages mean for overall vessel availability?
March 17, 2020 | We kept a close eye on vessel supply in the wake of the March 9th drop in oil prices.