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Tankers Picked Up the Pace During March The tanker market edged higher during the final month of the first quarter of 2021. According to the latest monthly report from OPEC, dirty tanker rates picked up in March, as gains in Suezmax and Aframax rates outpaced a further slight decline in VLCCs. Increases in the these vessel classes were driven by tighter tanker supply as the blockage of the Suez Canal kept ships waiting on both sides of the waterway amid uncertainties regarding when the disruption would be resolved. After the container ship ‘Ever Given’ was dislodged at the end of the month, rates fell back toward levels seen at the start of the year. The upcoming 2Q seasonal refinery maintenance in Asia also reduced support by the end of the month. Clean tanker rates in March saw an improved performance East of Suez, while West of Suez routes around the Med eased from the higher levels seen last month.

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