The bull market for tanker vessels that has been witnessed for most of 2024 is showing signs of slowing down according to a new report by maritime valuation and data provider VesselsValue, a Veson Nautical solution.
The report: ‘High tide ebbs for tanker market amid uncertainty and high values’, states that despite 2024 tanker values hovering around the highest levels since 2009, the fourth quarter of the year has witnessed sales dip sharply.
Count of Tanker Sales 2023-Present
Source: VesselsValue, a Veson Nautical solution
The report adds that in the fourth quarter to date, just 43 tankers in the large tanker category have been reported as sold. These include six very large crude carriers (VLCC), 28 Suezmax and nine Aframax vessels. In the first quarter of 2024, 120 vessels in the same categories were reported sold.
“Sales have slowed as a result of very high prices and weak demand from China combined with uncertainty over the recent US elections and what the incoming President Trump may hold in store for the oil trade,” Rebecca Galanopoulos, Senior Content Analyst of Valuation & Analytics at Veson Nautical said.
The article was written by Veson Nautical
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