The upturn is particularly present in the crude oil market, based on the data from BIMCO, with rates moving from USD 4,000 per day during the summer to USD 33,500 in October.
Commenting on the drivers behind the rate hikes, BIMCO’s Chief Shipping Analyst, Peter Sand, said that it was not clear “whether this is a dead cat bounce, or winter arriving early, just as refinery maintenance has been concluded for the season.”
Sand said that the impact was also felt from the ongoing and busy typhoon season in the North West Pacific, affecting Asia at large, that has disrupted normal shipping business and may have tilted the balance in favour of owners for the time being.
