Our overall forecast performance for 2017 was within 6.4% of actual market freight rates across the 19 trades that were monitored in the 2017 Outlook. This was achieved throughout a year that could be characterized by significant tanker oversupply, geopolitical tensions and evolving oil market fundamentals. This metric is a measure of the absolute average of the total variation on a trade-by-trade basis, regardless of whether we overcast or undercast the market on each trade. In other words, it is a measure of how close we came, on average, to the actual spot market rates observed on each trade.
McQuilling Services is pleased to announce the release of its 2018-2022 Tanker Market Outlook. This 200-page report provides a five-year spot and time charter equivalent (TCE) outlook for eight vessel classes across 23 benchmark tanker trades, plus four triangulated trades. Also included in the report is a robust five-year asset price outlook as well as a one and three-year time charter forecast through 2022. With 21 years of tanker rate forecasting expertise, McQuilling Services is a leader in the industry and continues to support a variety of stakeholders in the energy, maritime and financial services industries with its annual Tanker Market Outlook.