Oil-Product Tanker Rates Expected to Improve as Fleet Stabilizes

Rates for tankers hauling oil-product cargoes are expected to show a “gradual” improvement as fleet growth is stabilizing, according to D/S Norden A/S.

Following are comments by Lars Bagge Christensen, executive vice-president and head of Norden’s tanker department, who spoke at the third Scandinavian Shipping and Ship Finance Conference in Copenhagen today.

On refined oil-product cargoes:

“About 45 percent of European refining capacity is exported. There is a move to transport more refined products and less crude.”

On U.S. imports and exports:

Gasoline shipments from Europe to the U.S. East Coast “are declining in the longer term, over the next three to five years. U.S. Gulf Coast shipments to Latin America are increasing.”