Crude tankers are in for strong rates through December and January according to Bimco, as tightening supply and increased demand boost crude carrier rates.

The association attributed the recent rate rise to the supply side of the equation, as the global VLCC fleet grew by just 1.1% and suezmax and aframax fleets have shrunk by 0.5% and 1.7% respectively.

A window of opportunity remains in the sector for the balance to improve even further over the next year, as deliveries are expected to remain low throughout 2015 at 27 VLCCs, picking up again in 2016 to 49. Over the past six years, an average of 48 VLCCs have been delivered each year.

Product tankers have also enjoyed a recent improvement in fortunes as rates at the tail end of November were their highest for six years for all segments, spurred by the low price of crude oil.

That spike in rates is a good indicator for the saturated product market, Bimco argues, as rates responded quickly and positively to increased demand.

One thing the association made clear was that any continued success in the tanker markets requires owner discipline in sustaining slow steaming.

Bimco's predictions for December/January daily earnings are VLCCs at $30,000-$55,000, suezmax crude tankers at $20,000-$45,000 per day and aframaxes at $20,000-$40,000 per day. For product tankers the predictions on AG-Japan routes are LR1s at $5,000-$25,000 per day, LR2s at $20,000-$35,000 per day and handysizes and MRs at $18,000-30,000 per day and $12,500-$25,000 per day respectively.