Lloyd’s List: Tanker Conundrum as Fixtures Rise but Earnings Fall

“The tanker industry is struggling with poor freight rates and earnings, but all is certainly not doom and gloom as the number of spot market fixtures on tankers from some of the largest oil producers are rising. Spot fixtures on tankers loading at ports in member states of the Organisation of the Petroleum Exporting Countries rose 16% in December compared with the same month a year earlier, according to Opec’s latest oil report. Spot fixtures for tankers going from the Middle East to Asia were 8% higher in December than the previous year. Tankers carrying crude from the Middle East to the Atlantic trading region were up 35%. It is not just the 12 members of oil cartel Opec that are seeing spot fixtures rise. Overall spot activity for larger crude tankers increased by 5% from 2011 to 2012, according to a recent report by shipbroker Poten & Partners.”