ARTICLE · 20 DECEMBER 2016

The Shipping Markets In 2016

Clyde & Co

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In 2016, market conditions in most shipping sectors have been highly challenging. The ClarkSea Index, an average of earnings for the main commercial vessel types...

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In 2016, market conditions in most shipping sectors have been highly challenging. The ClarkSea Index, an average of earnings for the main commercial vessel types, reached a record monthly low in August. In the first ten months of 2016, the index dropped 37% y-o-y to average $9,129/day.

Tanker market conditions weakened considerably in the first ten months of 2016 from very firm levels at the start of the year and in 2015. Average tanker spot earnings fell from $28,483/day in January 2016 to $9,922/day in August, but have risen since. While growth in oil trade has been healthy this year, partly supported by firm growth in Asian crude imports and products exports, tanker supply growth has accelerated. Fleet growth is expected to outpace demand growth in 2017, which may exert further pressure on the market.

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