Crude Tanker Demand Could Outpace Supply in 2023

Crude tanker demand could be 6% higher in 2023 and outpacing supply due to the potential for increased oil consumption and longer voyage times according to Clarksons’ forecasts.

• European importers are seeking alternatives to Russian supplies as oil embargoes have led to longer voyage times. About 60% of Russian oil exports went to Europe before the war, according to the IEA.
• Global crude oil demand growth may moderate to 1.2% in 2023 from 2.3% this year, according to the EIA.
• Shipping costs have already risen and should remain high until Q3 23, when recessionary pressures may hit according to Vantage Shipbrokers.

Source: Clarksons / Bloomberg