The oil price surged during our focus period of July and as a result there was a positive trade grow across all the sectors except vegetable oils and a small growth in chemical tankers. Chemical tanker cargoes are the only ones not to make much advance this year despite the strong market for oil.
The LNG market grew 10% in July and it appears Asia is bringing in more cargoes in recent months. Europe has imported much more consistent volumes over the past year.
Tanker utilisation rebounded in August quite sharply which fitted the seasonal trend. However, the Suezmax and Aframax both continue to decline. They have been on a downward trajectory since March.