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OIL & PRODUCT TANKERS, part 2: Fleet development

Market Insight Report extract

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Crude_Oil2-fleet_development
The VLCC fleet is estimated to have grown by 14% by the end of the year unless there is more scrapping in the second half of 2017. Quoting Paddy Rogers, “Illness is the cure”. Low freight rates will eventually trigger off more scrapping. There is a need to replace up to 100 VLCCs by 2020, so the current orderbook does not seem to be to big at all. In addition, the new regulations will eventually make some people to throw a towel earlier, sending older and non-compliant ships for scrapping.
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