Talking Turkey

For many in the tanker industry, 2009 has been a tough year. Shipowners and charterers alike can commiserate about low demand for crude oil and refined products as well as the limping pace of growth in many economies. That said, the Thanksgiving holiday seems to spark some excitement that the market could be poised for a turnaround – if only based on past years’ experience! The 2007 Thanksgiving holiday began one of the most extraordinary rallies in the history of the tanker market. Spot VLCC rates jumped by 50 points overnight and kicked off a 12 month period of unusually strong earnings for shipowners. This time last year, with the burgeoning economic crisis dominating the headlines, tanker markets were fighting off some negativity and still performing despite the gloomy broader sentiment. Since there is some strengthening in the spot tanker market at present, is another spike just a few days away? Download here