According to the Market Report of the Baltic and International Maritime Council (Bimco), the average revenue of product tankers in early November in the spot market was $7,416/day ($/day) for an LR2, $6,147/day for an LR1, and $1,730/day for a handysize. These freight levels are a long way from the minimums needed to cover your costs.
This is the inevitable result of the low fuel prices recorded in April, which boosted demand and stock, and the remarkable impact of the pandemic.
In the crude oil transport sector, the data have not been better. In early November, the estimated average spot market revenue for a VLCC would amount to $12,806/day, less than half of what is needed to reach the break-even point. For a suezmax, such revenue would be $6,890/day and $4,728/day for an aframax, also below your profitability threshold.
For a second year in a row, U.S.-based ocean data specialist Saildrone is sending a fleet of storm chasing drones into the heart of the Atlantic Ocean’s hurricane alley to intercept large and destructive hurricanes, collecting critical data to make coastal communities safer.