Weekly Tanker Rates

By Jørn Bakkelund, Senior

analyst

Oslo

8 January 2021

2020 ytd 2021 ytd Last week This week

Crude carriers: VLCC 104.5 15.2 16.2 13.3

Suezmax 60.4 4.4 5.0 2.6

Aframax 62.1 4.4 3.9 4.1

Clean carriers: LR2 27.7 14.5 13.0 16.2

LR1 23.9 12.3 12.6 11.5

MR 23.9 8.5 8.7 7.2

Source: Clarksons Platou

Time charter equivalents – Single voyages in US$ k/d

Tanker Market Earnings

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst2

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

2013 2014 2015 2016 2017 2018 2019 2020 21 ytd

VLCC Suezmax Aframax

Avg TC results in US$ k/d for crude carriers 2012- 2022 Weekly TC results in US$ k/d for crude carriers

0

20

40

60

80

100

120

140

160

180

200

220

240

260

Jan

Feb

Ma

r

Apr

Ma

y

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Source: Clarksons Platou

TC Results for Crude Carriers

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst3

Panamax dirty based on Caribs/US route only

0

5

10

15

20

25

30

35

40

2013 2014 2015 2016 2017 2018 2019 2020 21 ytd

LR2 LR1 MR

Avg TC results in US$ k/d for clean carriers 2012- 2020 Weekly TC results in US$ k/d for clean carriers

0

20

40

60

80

100

120

140

160

180

Jan

Feb

Ma

r

Apr

Ma

y

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Source: Clarksons Platou

TC Results for Clean Carriers

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst4

LR1/LR2 based on AG/Japan route only

0

20

40

60

80

100

120

140

160

180

200

220

240

Jan

Feb

Ma

r

Apr

Ma

y

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

VLCC Suezmax Aframax MR

Source: Clarksons Platou

Weekly TCE results in US$ k/d last 12 months

Tanker Market Weekly

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst5

Weekly no of tankers

Data Source: Clarkson Research Services

6.1% of Tankers Fleet Is Currently Used for Floating Storage

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst6

0

100

200

300

400

500

600

0

20

40

60

80

100

120

No o

f ta

nke

rs >

=1

0k d

wt

No. o

f V

LC

C, S

ue

zm

ax a

nd

Afr

am

ax

Aframax Crude Tankers Storage

Suezmax Tankers Storage

UL/VLCC Tankers Storage

Tanker >=10K dwt Storage (RH Axis)

Product Tankers 10k+ dwt Storage (RH Axis)

8 January – in number of ships

298

132

79 96

38

239

85

34

25

18 4

0

19

14

33

26

717

0

28

2

44.1%*

32.5%

15.7% 31.7%

8.4%

18.4%

18.2%

0

50

100

150

200

250

300

350

400

VLC

C

Suezm

ax

Afr

am

ax C

rude

LR

2(+

80k d

wt)

LR

1(6

0-8

0k

dw

t)

MR

(40-6

0k d

wt)

10

-40k d

wt

In service, already fittedIn service, reported for retrofitOn order

Scrubber by size 22.7% of total tanker fleet will have scrubbers

In service, already

fitted, 955

In service, reported

for retrofit, 120

On order, 109

Source: Clarksons Platou

Scrubbers on Tankers

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst7

* Total ships fitted, reported for retrofit and on order in % of the current fleet

Historical and future prices, Singapore

Bunker Prices 7th January 2021

8

Source: Clarksons, Clarksons Platou Futures, Thomson Reuters

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400Ja

n-0

0

Ja

n-0

1

Ja

n-0

2

Ja

n-0

3

Ja

n-0

4

Ja

n-0

5

Ja

n-0

6

Ja

n-0

7

Ja

n-0

8

Ja

n-0

9

Ja

n-1

0

Ja

n-1

1

Ja

n-1

2

Ja

n-1

3

Ja

n-1

4

Ja

n-1

5

Ja

n-1

6

Ja

n-1

7

Ja

n-1

8

Ja

n-1

9

Ja

n-2

0

Ja

n-2

1

$/t

on

ne

MGO bunker prices, Singapore380cst bunker prices, SingaporeDifferentialVLSFO, Singapore

0

100

200

300

400

500

600

Ja

n-2

1

Feb

-21

Ma

r-21

Ap

r-2

1

Ma

y-2

1

Ju

n-2

1

Ju

l-2

1

Au

g-2

1

Sep

-21

Oct-

21

No

v-2

1

De

c-2

1

Gasoil 10ppm

0.50% Sulphur HFO

380 cst 3.5% HFO

Differential 10 ppm Gasoil vs 3.5% HFO

Differential 0.50% vs 3.5% HFO

Brent ($/mt)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

Jan

-17

Jan

-18

Jan

-19

Jan

-20

Jan

-21

VLCC Suezmax Aframax Panamax 10-59,999dwt

8 January

Monthly data in mm dwt

Source: Clarksons Platou

Tankers Deliveries

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst9

mmdwt / no 2018 2019 2020 2021

200,000 + 12.1 / 39 21.1 / 68 11.3 / 37 0.0 / 0

125-199,999 5.0 / 32 4.0 / 26 4.5 / 30 0.0 / 0

80-124,999 5.6 / 50 5.9 / 53 1.9 / 17 0.1 / 1

60-79,999 1.0 / 13 1.0 / 13 0.5 / 8 0.1 / 1

10-59,999 4.6 / 149 6.1 / 166 5.1 / 135 0.0 / 0

Grand Total 28.3 / 283 38.1 / 326 23.4 / 227 0.2 / 2

8 January

Monthly data in mm dwt

Source: Clarksons Platou

Tankers Sold For Recycling

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst10

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

Jan

-17

Jan

-18

Jan

-19

Jan

-20

VLCC Suezmax Aframax Panamax 10-59,999dwt

mmdwt / no 2018 2019 2020 2021

200,000 + 9.2 / 31 1.1 / 4 0.3 / 1 0.0 / 0

120-199,999 3.5 / 24 0.8 / 6 0.4 / 3 0.0 / 0

80-119,999 4.7 / 46 0.1 / 1 0.9 / 9 0.0 / 0

60-79,999 0.8 / 11 0.2 / 3 0.1 / 2 0.0 / 0

10-59,999 2.2 / 64 1.3 / 38 0.9 / 29 0.0 / 0

Grand Total 20.4 / 176 3.5 / 52 2.6 / 44 0 / 0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

Jan

-16

Jan

-17

Jan

-18

Jan

-19

Jan

-20

VLCC Suezmax Aframax Panamax 10-59,999dwt

8 January

Source: Clarksons Platou

New Orders Of Tankers

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst11

Monthly data in mm dwtmmdwt / no 2018 2019 2020 2021

200,000 + 15.3 / 50 9.4 / 31 11.7 / 39 0.0 / 0

125-199,999 3.1 / 20 5.0 / 32 4.4 / 28 0.0 / 0

80-124,999 2.7 / 25 5.4 / 48 3.3 / 28 0.0 / 0

60-79,999 0.5 / 7 0.0 / 0 0.0 / 0 0.0 / 0

10-59,999 4.5 / 120 3.5 / 91 3.4 / 84 0.0 / 0

Grand Total 26.2 / 222 23.4 / 202 22.8 / 179 0.0 / 0

Disclaimer

Oslo | 8 January 2021

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst12

This report (including any future rates and/or forward-looking statements contained herein) are prepared by Clarksons Platou AS for general information purposes

and for the recipient’s internal use only.

This report is based solely on publicly available information. The report is provided on an “as is” and “as available” basis. Clarksons Platou AS and its group

companies make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect

to the information contained in the report. Any reliance on such information is therefore strictly at the recipient’s own risk and no responsibility is accepted for any loss

or damage howsoever arising from the use of this report. Please note that future rates and/or forward-looking predictions are for illustration purposes only and given

without any guarantee.

This information may not be distributed or reproduced without the prior written consent from Clarksons Platou AS. Especially, the information must not be used in any

document for the purposes of raising finance whether by way of debt or equity. All intellectual property rights are fully reserved by Clarksons Platou AS, the Clarksons

group and/or its licensors.

This material and the disclaimer shall be governed and construed in accordance with Norwegian law.

Clarksons Platou

Weekly Tanker Rates | By Jørn Bakkelund, Senior analyst13

Thank you

Clarksons Platou

Munkedamsveien 62C

0270 Oslo, Norway

www.clarksons.com