Matthew Wright

Senior Freight Analyst

Market

Crude ton-miles began the year trending below the five-year average, but since VLCC exports began to rise in June, growth has been rapid. While the order of the major VLCC routes has been consistent compared with previous years, there have been upheavals in the Suezmax and Aframax markets following the Russian war in Ukraine. Crude tanker demand is on course to finish the year on a high, but the prospects for next year are less rosy.