Tanker Market Soars on Shifting Trade Patterns and Geopolitical Disruptions
The oil tanker market is experiencing a surge in freight rates due to shifting trade patterns, geopolitical disruptions, and extended voyage distances.
According to Catrine Vestereng, Senior Vice President and Segment Director for Tankers at DNV, sanctions have reshaped trade patterns and pushed tanker freight rates well above historical averages.
The global demand for crude oil and refined products has remained stable, driven by China's increasing oil imports from the Middle East and the Atlantic Basin, as well as India's expanding oil imports.
This growth in tonne-mile demand has led to a significant increase in vessel capacity utilization, exceeding 90% by the end of 2025, with VLCC and Suezmax rates performing particularly strongly, exceeding their ten-year averages by more than 60%.