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The tanker market posted a mild rebound during the month of December. According to the latest monthly report from OPEC, dirty tanker rates experienced a slight improvement m-o-m in December, while still remaining near multiyear lows amid a persistent imbalance in tanker demand and availability. VLCC and Suezmax rates saw some improvement on eastward rates .
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Tanker Market Weak Throughout November
The tanker market stayed weak during the month of November, OPEC said in its latest monthly report. Dirty tanker rates remained weak in November, at the historically low levels so far in 2H20, amid ample tonnage lists. However, signs indicating that November could be the bottom of the market have provided some hope for ship owners as they look to 2021. Clean tanker rates picked up from multi-year lows, supported by improving West of Suez activities.
Spot fixtures
Global spot fixtures rose m-o-m in November, after dipping lower the month before, increasing 0.22 mb/d, or 1.5%, to average 15.09 mb/d. The increase came as Chinese refiners returned to the market after a pause due to the Golden Week holiday and as independent refiners received another round of import quotas. Spot fixtures were still 4.9 mb/d, or almost 25%, lower than the same month last year, reflecting the overall muted environment due to the COVID-19 pandemic.