Navig8 Group has held an optimistic long-term outlook for tanker trade, but admits the pace of oil destocking will set the market tone in the quarters to come.
With large tonnage removed from trading for floating storage due to oil oversupply, crude and tanker earnings have been at strong levels since March.
In a webinar on Wednesday, the pool manager’s research director, Paul Marsh, said the bullishness would be followed by a period of weak earnings as drawdowns of oil stocks begin.
