As with most crude tanker markets, the Aframax and Suezmax sectors have remained under pressure since June. Part of this downside is not too dissimilar to the typical seasonal weakness seen during the summer months, although in most cases the downside has been caused by a lack of crude demand and falling seaborne trade, whilst these vessels have not benefitted to the same extent as the VLCCs from floating storage demand. However, as we move closer to the 4th quarter, these sectors may see increased volatility even if demand (and rates) are lower than previous years.
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2020 09 18 Strong Winds and Rough Seas |
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