Industry Note No. 20 - Can History Repeat Itself?

From the perspective of tanker owners, particularly of larger tonnage, it is clear that 2013 will not be remembered fondly. Rates have languished at levels most thought had been consigned to history as tonnage remained abundant in the primary load regions throughout the year. This has been further exacerbated by the altered trading landscape stemming from the US crude oil revolution that unlocked shale reserves at an alarming rate. A global economic malaise has also kept demand improvements limited in both mature and growing economies.