More Gravy, Please!

As many Americans downshift their activities in anticipation of the US’ observance of Thanksgiving, those more fortunate among them may also turn their thoughts to sharing a festive meal with friends and family. Platters piled high with meats and other foods dripping with gravy typify the celebration. Although a lull in state-side office work may accompany the coming extended weekend, petroleum commerce and the vessels that facilitate it never rest. So far, though, this year’s fourth quarter time charter equivalent (TCE) earnings have not brought tanker owners as much activity or revelry as they might like. While hire rates in some vessel sectors have occasionally jumped upwards in past years over the Thanksgiving holiday, burgeoning oil demand was the gravy that fed those rate spikes. Present conditions find this condiment lacking from the menu. Download here