BIMCO – Tanker Shipping Market Overview & Outlook, Nov 2024

BIMCO has published its "Tanker Shipping Market Overview & Outlook" for November 2024, providing a detailed analysis of the current state and outlook of the tanker shipping market. The report highlights that the tanker market continues to face significant pressure, especially in crude oil and petroleum product segments. However, rates for clean tankers in the west remain relatively stable, providing a positive outlook for the sector. BIMCO projects that the crude oil and petroleum product tanker fleets will expand by 14.3 million and 23.4 million deadweight tons, respectively, in 2025-2026. This growth is linked to an expected increase in demand for shipments and the introduction of new vessels. The report emphasizes the importance of monitoring global economic and political factors that can affect demand and supply in the tanker shipping sector.