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Crude tanker newbuild contracting jumps 490% as VLCC orders gain pace

06 March 2024

In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y, due to a rise in orders for very large crude carriers – VLCCs. A notable 19 VLCCs were ordered, already surpassing the number of orders for this ship type during all of 2023.

Tankers end 2022 with 78% time charter contribution margin and best 2023 outlook

20 December 2022

What a difference a year makes! At the end of 2021, container ships were enjoying a historically strong market and freight and time charter rates had yet to peak. At the same time, dry bulk ships were seeing multi-year high rates slipping away, although still enjoying better returns than in previous years. However, tanker ships were seemingly still stuck in a COVID market rut without any immediate hopes for a strong comeback.

Tanker market report 27 May 2022

30 May 2022

Last year saw a notable increase in tanker demolition, recording the second highest number of tankers (above 25,000 dwt) scrapped since 2020 on the back of depressed industry earnings. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.

Product tanker recycling drops 82% year-on-year to lowest on record

17 January 2024

In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996.