Weekly Tanker Market Report by E.A. Gibson Shipbrokers Ltd
Weekly Tanker Market Report
In recent months all clean tanker segments have enjoyed very healthy rates and earnings, which have been essentially driven by evolving trade flows due to sanctions on Russia. Yet, the star performer has undoubtedly been the Handy sector, with non-eco, non-scrubber earnings averaging so far this year at $47,000/day on a TC6 voyage.
When the war broke, the initial expectations were for Russian clean products exports into Europe to decline significantly, with the Handy sector being most vulnerable as this trade accounts for a large share of Handy employment. However, these expectations have failed to materialise, with Russian clean product trade into Europe edging up modestly this year, averaging between March and July 2022 at around 1 mbd. More products are also being moving across the UK Continent, Mediterranean and between Northwest Europe and the Mediterranean, with intra-European trade up by around 180 kbd year-on-year since March. Larger product carriers are similarly impacted, with greater volume being moved from the Middle East, India, and the US into Europe. There is also a clear trend of increased intake of Russian products into a number of storage terminals in Netherlands and Belgium, whilst outflows from these terminals show growing product exports to West Africa and Latin America. As European exports to Africa and Latin America remain largely unchanged relative to last year, this suggests a growing outflow of Russian-origin products via storage hubs in Northwest Europe, whilst a greater share of European throughput and/or imports from other regions is retained within the European market.
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