Geopolitical and macro-economic uncertainty on top of the tightening supply and demand balance continue to shape today’s tanker market, says Maersk Tankers.

While rates are strong, making it a commercially attractive market, the global fleet is ageing and pressure to decarbonise remains high, the Danish company notes.

“Optionality is the key word in this environment,” said Morten Mosegaard, CFO and interim CEO of Maersk Tankers, as part of the product tanker panel at Marine Money Week 2023 in New York.

“Today’s market is very susceptible to shocks, resulting in high volatility with opportunities for spikes in freight rates. The place to take advantage of that is the spot market”, Mosegaard commented. 

Addressing the decarbonisation challenge, Mosegaard also said that “progress happens right at the intersection of financial and environmental responsibility. In the face of high uncertainty and risks associated with investments in new fuels and vessels, the way you create value is by making the existing fleet as efficient as possible – that has an immediate impact on your economics and the environment.”

It’s worth mentioning that Marine Money Week is the largest annual gathering of the most active dealmakers in global ship finance.