Posted on 11/20/2015 9:07:55 AM PST by SeekAndFind
I think a few things are in play: 1) tankers are being used as storage, or were while they were cheap. Worth watching to see if it persists now that lease rates are up; 2) everybody wanted to do container shipping and dry bulk when China was the rage, so few ports added tanker capacity— the easy money was in developing ports that served the former rather than the latter; 3) large customers are topping off while oil is cheap; 4) OPEC members are trying to increase market share, which has meant more shipping of product to existing customers and new customers.
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