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Crude oil tanker tonnage in the size range from Aframax to VLCC is now recycled at the age of just 21, a level not seen since 1995. The poor freight market now increasingly impacts the segment of more mature tankers, effectively reducing the room for more demolition to balance the market.
New virus mutations and outbreaks have slowed the recovery in global oil demand as some countries lock down again and international travel remains complicated.
January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries, due to tremendous VLCC delivery growth.
”The smaller the better” seems to be the mantra in the tanker segment these days. Whilst all crude tanker segments enjoyed a spike in earnings in late December, the subsequent drop hit the VLCC much harder than the Aframax segment.
The continued severity of the tanker market conditions has made owners dig deep into the oversupply of capacity. Still BIMCO expects the tanker fleet to keep growing. A short-term rate recovery is not expected, as it is ‘maintenance season’ for the global refining industry in September and October.
This analysis explains the recent history, updates you on the current state and displays future changes for crude oil tankers.
This is the highest global oil demand ever but it's also a large and growing fleet. What the tanker market needs most right now is more tankers engaged in floating storage facility.
As the BIMCO Liquid cargo database will not go deep into tank cleaning details but only gives an overall description of the methods it is recommended to consult professional Tank Cleaning Guides for in-depth tank cleaning details.
Secondhand crude tanker values for five-year-old ships hit bottom levels in late 2020 and have since increased by an average 67%. Over the past twelve eventful months values have risen by 34%, reaching their highest level in 15 years.
Oil tankers experienced a tough start to 2017 as freight rates for all crude oil and oil product tankers continued their decline following the brief lift at year-end. For one, VLCCs may not yet have bottomed out. By 7 April 2017, average earnings stood at USD 18,853 per day, down from USD 63,284 per day on 16 December 2016.
