US crude exports raced to new record levels in June, supporting a bullish outlook for the big tanker market, according to Kepler Cheuvreux.
Petter Haugen, head of shipping research at Kepler Cheuvreux, said the 3.16m bpd exported in June marked the first time in history US oil output had pushed above 3m bpd.
He said the June figures from US Census show a 9% climb from May and a 44% swing on a year-on-year basis.
Haugen explained the ongoing switch with the US becoming a top four oil exporter after the lifting of a ban in 2015 supported his bullish view of the tanker market.
While US crude production figures were historically regarded as a serious threat to the tanker trade, they are now a main driver of demand growth for the ships, he said.
Kepler forecasts VLCC spot rates of $72,000 per day in 2020, which would mark a major jump from the $28,000 per day projected this year.
Howe Robinson Partners presently pegs rates for modern VLCCs at $32,649 per day, compared with the $28,839 per day average in the year to date.
