The More Things Change…The More They Stay the Same

The 2003 tanker market will be remembered as one of considerable volatility enhanced by fluctuating natural gas prices, European Union doublehull regulations and increased demand which saw rates soar from below cash breakeven in the summer to record World Scale levels in December. On the cusp of the new year, owners of VLCCs and Suezmaxes received upwards of $90,000/day. One thing that has not changed, however is that the majority of spot market activity each year is created by relatively few charterers. Download here