Tanker Shipping Market Overview and Outlook

This report provides an overview and outlook of the tanker shipping market, focusing on supply and demand dynamics for the years 2024 and 2025. It outlines that crude tanker demand is expected to outpace supply in 2024, although growth will slow in 2025 as sailing distances may shorten with potential returns to the Suez Canal. The report highlights that trade restrictions are significantly impacting demand, with an estimated 10.2% increase in crude tanker demand due to ongoing conflicts and sanctions. The International Energy Agency (IEA) forecasts that global oil demand will grow by 1.1 million barrels per day (mbpd) in 2024 and 1.2 mbpd in 2025, primarily driven by demand in Asia. Additionally, the crude tanker fleet is projected to grow modestly, while product tanker fleet growth is expected to accelerate in 2025. The report also discusses the implications of geopolitical tensions on shipping routes and the anticipated changes in average sailing distances due to these factors.