Asian clean and dirty tankers have just had one of their best first quarters in years as traders rushed to store oil products on the water as the COVID-19 pandemic slashed oil demand globally, but the boom in rates is not expected to continue beyond Q2. Given the magnitude of the jump in rates in Q1, market participants said the uptrend was unsustainable and a significant correction was expected some time in the current quarter, with the precise timing hinging on how the global pandemic pans out. Dozens of VLCCs and Long Range 2 tankers are currently being deployed as floating storage for crude oil, gasoil, jet fuel, gasoline and other oil products, making spot tanker freight one of the best performing asset classes at a time when the prices of most commodities are at […]