Mid-size tanker spot rates remain firm heading into the seasonally weaker part of the year.

VLCC spot rates have weakened in recent weeks due to a reduction in Middle East crude oil exports. In contrast, mid-size spot tanker rates have remained well supported by a number of factors including strong crude oil exports from key mid-size load regions, the continued diversion of vessels around the Cape of Good Hope due to attacks in the Red Sea, and the start of exports from the TMX pipeline on the West Coast of Canada.

Looking ahead, we anticipate that spot tanker rates will strengthen into the winter months due to an increase in oil supply, with the OPEC+ group set to unwind 2.2 mb/d of voluntary production cuts over the course of 12 months, starting in October 2024. We maintain our positive outlook over the medium-term as a combination of steady oil demand growth and low tanker fleet growth should ensure continued firm spot rates.

Watch Christian Waldegrave‘s monthly tanker market update for more.

Subscribe to our channel for more great content: https://goo.gl/fpLJQk

Website: https://www.teekay.com
Teekay Podcast: https://www.teekay.com/about-us/podcast/
Facebook:   / teekaycorp  
Twitter   / teekaycorp  
Instagram:   / teekaycorp  

Forward Looking Statements

This content contains forward-looking statements which reflect the Company’s current views with respect to certain future events and performance, including statements regarding: tanker market fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in spot market tanker rates; changes in the production of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders or greater or less than expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 20-F and subsequent Reports on Form 6-K for the quarterly periods ended thereafter. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.