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With the sharp reduction of oil production in oil producing countries, the tanker leasing market is gradually returning to normal, and the global oil transportation cost is declining. According to data from Clarksons platou securities A.S., a Norwegian investment bank, the price of renting a VLCC in the international market on May 28 was about $59000 a day, 77% lower than the high in March.
In May, tanker rental prices began to fall sharply. The sharp decline in tanker charter prices shows that the number of vessels needed to transport or store crude oil in the global market has decreased, and that efforts to balance oil supply and demand by reducing production are paying off. These efforts have also boosted oil prices, with Brent crude rebounding more than 80 per cent from its April 21 low. WTI crude oil prices in the US surged 88% in May. On May 29, crude oil futures for July delivery on the New York Stock Exchange rose 5.3% to $35.49 a barrel, or 88% in the same month, the largest monthly increase since 1983.
Floyd mkedar, a shipping analyst at Clarkson Prato securities, said the cut in production had significantly reduced the volume of crude oil transported around the world. He estimates that global crude oil transportation in May was 17% lower than in the first three months of this year. Another factor affecting the Charter price of oil tankers is that the bottleneck of crude oil transportation port caused by quarantine measures has been eased, increasing the number of oil tankers that can be rented.
Despite the sharp decline in tanker charter prices, EURONAV’s profits are good, at about $30000 a day per VLCC. EURONAV’s chief executive expects no further sharp drop in tanker rates and a “period of weakness” in the tanker rental market this autumn, when tankers currently floating at sea as terminals will return to the fleet.