Tankers steered back from the brink
A recent spike in rates has rescued tanker owners, but the reprieve could be short-lived
Crude and product tanker owners hemorrhaged cash in the first three quarters of 2018, then pulled out of their slump in the fourth as spot freight rates surged. Any threat that oil shippers' tanker counterparties could go bankrupt and default on their obligations has been alleviated—at least for now. Crude tanker owners' reserves were fattened by very strong years in 2015-16, but excessive newbuild orders caused freight pricing to fall much more steeply than expected in 2018. Jonathan Chappell, a shipping analyst at investment bank Evercore ISI, described 2018 in a year-end client note as having "the worst three-quarter start to any year in many decades". At an investor event in New York in
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
