News Snapshot:
The history of ocean shipping is replete with predictions for booms that never came to pass. There are also many cases in which major turns in shipping cycles were predicted and actually happened, but not on cue. This was supposed to be the year the next tanker shipping supercycle began. Over eight months in, the boom remains hypothetical. Rates for some tankers are flirting with breakeven again. Near-term negatives continue to pile up. Revenues from spot deals booked at today’s weak rates will pressure fourth-quarter results. Time to reschedule the upswing for 2024. “While Q4 crude-tanker earnings will likely be...
