Tanker earnings firm to start 2010

Tanker market earnings for the half-year ended March 2010 firmed 48.0% over the prior 6 months. The upward momentum came despite a 3.9% drop in oil sea trade and 7% growth in the tanker fleet, with floating storage of speculative oil and the continued marginalization of single-hull tankers helping absorb some of the potentially excess tonnage.Clarkson Research Services Ltd., London, detailed the reasons behind these market movements and offered forecasts of future market direction in its Spring 2010 "Shipping Review and Outlook: A Half-Yearly Review of the Shipping Market."According to Clarkson data, the tanker market, comprised of both modern and early-1990s VLCCs, modern Suezm...

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