Fair Value?
VLCC earnings have been remarkably strong over the past few months despite the prospect of OPEC+ production cuts which are largely focused on the Middle East. With cuts planned, next year will also coincide with increases in regional refining runs, the fundamentals suggest earnings will ease into 2023. However, shifting trade flows and fleet developments make this outcome far from certain.
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The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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