Project Description
March saw strong growth in the tanker market, with crude oil shipments up nearly 10% compared to February. However, on a year-over-year basis, crude oil shipments are down 4%, reflecting a trend seen across the entire tanker fleet. The oil products fleet, chemical tankers, and LPG tankers also showed similarly positive performance.
Growth in the LNG fleet has been relatively flat this year, although it is still up 6.2% year-over-year. Oil prices surged by nearly $15 at the start of the year, rising from $70 to $85, peaking in April, and have since declined slightly.