To Some Avail

The pre-Halloween snow storm on the US Atlantic coast and the impending winter weather in the northern hemisphere are stoking tanker owners’ hopes for any kind of a market rally. The fourth quarter has sometimes been known to be lucrative for tanker owners as completion of refinery maintenance, seasonal petroleum demand and reduced daylight hours have historically increased demand for ships. An uptick in freight rates in the last weeks of October has many hoping for more signs of a winter upswing, but fundamentals remain strained, dampening the degree of upside potential. That said, situational shortages of suitable tonnage could facilitate market movements over the coming months. Download here