Nordic American Tankers Ltd Comments on the Opening of the Suez Canal

Source: www.oilegypt.com 4/6/2021, Location: Africa

On 24th of March 2021, one of the largest ships in the world blocked the Suez Canal. The ship was blocking the canal until Monday, March 29, about a week after the closure.

Already Thursday, March 25, we commented on the blocking of the Suez Canal. Thereafter, when the canal was opened, tanker rates fell back, although slightly less than the original increase. The immediate strong increase in tanker rates due to this short blockage of the Suez Canal, is an illustration of a market nearing a boiling point.

Long before the Suez Canal was closed, we saw a strong increase in rates for our Suezmax tankers which can load one million barrels. The strategic position of our company has been substantially improved over the last two years. We have 24 ships trading on short term contracts, whilst one ship is on a longer term contract.

There is a strong drive in the market, indicating an improvement in the time to come. We have recently seen this improvement, having concluded contracts giving rates between USD 15,000 a day up to USD 25,000 a day.

In the weeks rather than months ahead, we expect an increase in rates for our ships. This development has already started.


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