Baltic Dirty Tanker Index rose 16.0% last week while Baltic Clean Tanker Index fell 4.6%. Strong demand for crude transportation, weak for products. Interesting, on shore storage near record levels, a lot of oil traveling on tankers, contango easing (lower roll yield for oil stored on sea). I would say we are heading towards short term oversupply.
Or the demand will pick up strong…
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg
