Industry Note No. 1 - 2016-2020 Tanker Market Outlook

McQuilling Services 2016-2020 Tanker Market Outlook represents our nineteenth forecasting cycle since beginning this activity. Our forecast is based on the evaluation of historical and projected tonnage supply and demand fundamentals in the tanker market within the current and projected global economic environment including oil supply and demand expectations. In formulating our outlook, we balance the output of data-based quantitative methods with experiential knowledge. Our full-year 2015 projection from last year’s Tanker Market Outlook tracked within 5% of actual market levels on the 15 trades forecasted. For the nine DPP trades, the original forecasts ended the year within 3% of recorded levels, while the six CPP trades ended within 7%.