Enduring strength’: tanker rates break fresh records as prices spike 50%, Clarksons says Analyst Sarah Holden says earnings have stayed above $40,000 per day for the longest period on record

20 February 2023 7:41 GMT UPDATED 20 February 2023 7:41 GMT
By Gary Dixon, TradeWinds in London.

Clarksons Research says the tanker market has set a new benchmark by seeing average rates remain above $40,000 per day for the longest period on record.

The bull run has lasted eight months, research manager Sarah Holden calculates.

She called the duration of the upturn “notable”, as earnings have been driven upwards by disruption from the Ukraine war...

“This enduring strength, combined with a generally positive market outlook (the tanker orderbook is now just 4% of the fleet), has led to significant impacts on the asset market, with secondhand pricing increasingly firm,” Holden said.