The crude segment has entered a strong August, with spot earnings well above seasonal norms. Behind the momentum is a clear shift in fundamentals. OPEC+ has added around 2.5 million barrels per day over the past year, directly supporting crude carrier demand, while China continues to build storage. The approaching fourth quarter is also expected to add seasonal strength, typically marked by higher demand.

Outlook looks promising heading into autumn.
OPEC+ is expected to unwind its remaining voluntary production cuts, when they meet on September 7^th, potentially boosting global supply. This increase in global supply will increase utilization of crude carriers, such as Suezmaxes and Aframaxes. With sentiment and fundamentals aligned, the outlook for September remains positive.