Expansion of Global Oil Tanker Fleet: Faster Than Demand

According to ‘Clarkson Research Services Ltd’, a unit of the world’s largest shipbroker, the global oil tanker convoy will undergo an expansion almost three times faster than this year’s demand.

Oil & Tanker Trades Outlook recently published, the expansion of the fleet of 5,600 vessels by 7.5 %, will trigger a rise of 2.7 %for the demand of oil tanker vessels. The report also said that Panamaxes, the only ship class that has the largest tankers which can navigate the Panama Canal, will shrink against the demand. The number of Panamaxes in service will go down by 1.2 %on increased scrapping as demand slip 0.4 %, stated Clarkson.

As reported by Clarkson, many tanker-owning companies are ready to survive through quite a few months of adversity, the remainder of the year is showing an irregular future for oil demand. Along with adjusting with the lower earnings because of higher fuel costs, main expenses, the owners of tanker companies are now fighting hard to adjust with the largest number of new vessels in 29 years. The data also reveals this year the price of ship fuel, or bunkers, has risen to $624.39 a metric tonne which is almost a 26 % rise, stated Clarkson.

In addition to the statement, Clarkson also reported that the demand for Suezmax tankers, each capable of carrying one million barrels of crude, will decrease by 0.9 % while the fleet will expand by 4.5 %. The number of very large crude carriers that are capable of carrying two million barrels will shoot up by 16 % as demand will see the increase of 7.1 %, stated the report.

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