Industry Note No. 1 - What a Difference a Year Can Make

In this note, we summarize spot market activity year-on-year (2014/2013). In 2014, the dirty and larger clean tanker segments straddled the line of recovery, while the smaller clean tankers remained under pressure despite positive expectations from the majority of market participants. Global spot market activity continued to rise from 2013 and the dirty tankers posted an increase of 6%, while the clean ships saw roughly 892 more fixtures year-on-year.