The sentiment for crude oil freight rates experienced a downturn in November, especially towards the month-end, with overall weaker trends. Notably, the Very Large Crude Carrier (VLCC) segment displayed a glimmer of optimism due to a decrease in supply below the annual average. While rates recovered in the clean segment for MR1 size vessels in the US Gulf, attributed to increased congestion in the Panama Canal, the sustainability of this rebound remains uncertain. The Saudi Energy Ministry confirmed the extension of its voluntary reduction, adding to OPEC+ efforts. The report provides insights into market rates, vessel supply, and demand trends across various segments.

SOURCE:GOOGLE