Rates boosted by tight fleet supply and OPEC+ production increase

The tanker market sustained a firm tone throughout the month, with Suezmax earnings climbing sharply and holding near multi-year highs, according to the Baltic Exchange and industry reports. One-year time charters are providing owners with strong earnings visibility into 2026, reinforcing the view that the sector has established a solid floor. These charter levels, combined with steady spot earnings, underline the currently strong momentum in the segment

Fleet Tightness and Trade Flows Drive Utilization
On the supply side, tight fleet availability remains a key driver. Limited new deliveries and ongoing rerouting around the Cape of Good Hope are reducing effective capacity, while older vessels employed in sanctioned trades face increasing pressure that could accelerate scrapping. Demand has been bolstered by rising U.S. exports, supported by higher refinery margins and recent drawdowns from the Strategic Petroleum Reserve, which have kept crude flows out of the Atlantic Basin robust.

OPEC+ Supply and Seasonal Demand Add Tailwinds
OPEC+ has also played a central role. The group has added around 2.5 million barrels per day over the past year and is expected to unwind remaining voluntary cuts in September, directly supporting crude carrier utilization. Combined with seasonal demand heading into the fourth quarter, the outlook suggests continued stability with potential for stronger earnings momentum. For investors, tankers remain underpinned by a rare alignment of supply constraints and resilient demand growth.