A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil production and demand sets in across the globe, writes BIMCO CEO, Peter Sand in an article published on their website.
Only China bucks this trend with record-high crude oil imports, benefiting from the low oil price. Given the global recession and lower transport demand, however, the tanker industry is set for some challenging months.
Demand drivers and freight rates- Crude...
https://mfame.guru/freight-rates-slump-to-12-month-low-as-oil-production-cuts-demand-sets-in/