With the government previously anticipating the closure of two UK refineries following a WTO Brexit, the tanker market in the region is bracing for changes. It is unclear however, this will mean a pure slow down in tanker demand or if subsequent events will actually boost demand for long-haul voyages.
UK ports have been invited to bid for a share of a £10m government fund to pay for upgrades that enhance capacity as transport hubs prepare plans for a WTO Brexit.
Current spreads show an increasing premium for low-sulphur fuel over heavy fuel oil. Owners with scrubbers will stand to benefit from lower fuel costs.