The dismal state of the tanker market during September was such that October mediocre performance was enough to stage a recovery for the market. According to the latest monthly report from OPEC covering October, total spot fixtures recovered 7.5% during October after the sharp decline in September with almost all routes showing positive performance. OPEC crude oil chartering jumped 7.4% m-o-m during October to 12.69 mb. Middle East eastbound spot fixtures grew by 25.7%, mostly due to orders coming from Chinese refiners, while Middle East westbound chartering experienced 11.7% growth.
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Source: Hellenic Shipping News
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