Best Tanker Market Since 2008, but it's Putting Pressure on Crude Prices

Another pressure on price is the fact that ships are traveling farther to find buyers.

The Baltic Dirty Tanker Index surged 25 percent in June to its highest level since January 2014, a development that is said to be great news for the tanker sector but could also be a sign that oil is set to fall, The Wall Street Journal reports.

"Tankers are making serious money, in what's turning into the best tanker market since 2008," Wells Fargo analyst Michael Webber was quoted as saying.

The increased tanker activity is due to producers and traders using the vessels as floating storage as they seek buyers, and Thomson Reuters data shows that earlier this month almost 55 million barrels were stored on tankers - more than double the amount in January.

Consequently, share prices for major tanker companies such as Euronav, Teekay Tankers Ltd. and Tsakos Energy Navigation Ltd. have also hit multi-year highs.

However, some analysts fear that the busy market, which is spurred by what they believe is a fleeting global demand, could cause further reductions in crude prices.

"There's a lot of crude oil that's trying to find a home, so that's good for the tanker market, [but] that limits the potential for a crude-oil rally and puts pressure on the price," said Olivier Jakob, managing director of the Switzerland-based consulting firm Petromatrix.

Analysts at Energy Aspects also recently wrote that "The disconnect between the markets is at unprecedented levels, and something has to give."

The Wall Street Journal notes that another pressure on price is the fact that ships are traveling farther to find buyers, meaning fewer ships are available at any one time.

Shipping analysts earlier this year credited higher oil demand for giving the crude tanker market a "stellar" start to 2015, with the expectation that 2016 will also be better than expected.