Overall, the tanker market had a good year 2019 and the outlook for 2020 was optimistic. Due to recent developments following the coronavirus outbreak and its effects on world trade and shipping, no serious forecasts can be made for the time being. Some figures of the first quarter 2020 may give a foretaste.
According to Clarksons, only six oil tankers were ordered worldwide in February 2020, and only five units in March, compared to a monthly average of 19 units in 2019. According to International Energy Agency (IEA), the global oil demand would drop for the first time since 2009. The IEA's forecast of March 2020 for global oil demand in the base case for 2020 has fallen by 1.1 million barrel per day.
The ISL SSMR 2020-3 highlights various developments surrounding the major tanker markets and is available via our Webshop and has just been sent to subscribers.