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OIL & PRODUCT TANKERS, part 3: Newbuilding prices

Market Insight Report extract

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Crude_Oil3-NB_Prices
Newbuilding prices remain under pressure, despite the recent wave of contracting. Currently NB prices hover around 81 mUSD for VL, 54 mUSD for Suezmax and 43 mUSD for Aframax. An MR tanker will cost around 33.5 mUSD. Since most yards have exhausted orderbooks, their forward contract cover is very short, in many cases less than 12 months. It makes it very difficult for the yards to be able to raise prices. There is plenty of capacity still available, which suggests that prices are unlikely to recover substantially in the coming months.
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