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New McQ TV
For the upcoming winter season, we expect VLCC rates to follow the traditional seasonal uptick we typically observe during this time of the year; however, the magnitude in which rates rise is likely to be lower than previous years. For the Suezmax sector, we expect demand support out of the Black Sea amid higher crude supply as well as on some short-haul voyages into Europe such as TD20.
New Industry Note
News headlines have recently highlighted rising geopolitical tensions within the second largest oil-producing nation in the Middle East, Iraq. Geopolitical conflicts can have lasting impacts on global oil trade flows, therefore, in this note, we will explain the potential implications of political unrest in Iraq.
Our analysis of remotely-sensed vessel position data captured only a small (+0.3%) rise in daily Suezmax demand in September versus August, but up 8.5% from the same month last year.
Demand is projected to increase in October and November, likely placing some modest upward momentum in freight rates.