Crude oil demand continues to accelerate in January to 8.5% from 4% in Q4 22. Similarly all the tanker types enjoyed positive volume increases in January with strong freight rates to accompany them. The oil price continues to gradually decline which is coherent with the increased supply.
The data shows most of oil tanker growth has come from VLCC’s to China while the rest of the world has remained quite flat. Most of the utilisation growth in February has come in VLCC’s to the determent of Suezmax’s and Aframax’s. Quite a noticeable shift.
LNG volumes have continued to build through the winter and in January were up 13% compared to the previous quarter. Its now accelerating at double the rate of the previous Q4 indicating an increased supply in the market.