A new shipping forecast is predicting tanker rates will increase each year to 2024.

Valuation platform VesselsValue and ViaMar believe market fundamentals are looking strong due to more recycling of old ships, low stock levels and returning demand.

"Increasing tanker scrapping has given a glimmer of hope to the tanker market," the two companies said.

"This, combined with low stock levels and returning demand will pave the way for stronger markets in the future," they added.