Tanker freight runs aground in Q4 amid demand destruction

Tanker freight for clean and dirty ships hit multiyear lows in October, subverting winter seasonality which typically brings year highs for freight for both sides of the market.

Demand for crude and petroleum products remains low worldwide, and as Europe and the Americas face second- and third-wave lockdowns, tanker market participants have mixed expectations for the rest of the year.

Marieke Alsguth, Catherine Wood, and Nicole Baquerizo of the S&P Global Platts shipping team discuss how 2020 freight patterns have diverted dramatically from the norm in the Americas, and what shipowners have their eyes on as potential strengtheners of the market.