Tanker capacity to grow 6%, rates to stay low
The capacity of oil tankers is forecast to increase by 6% this year and daily charter rates are expected to remain low, according to shipping industry association Bimco, Seatrade Asia online reports. Daily oil tanker rates for VLCCs, aframax and suezmax are predicted to hover at $10,000-20,000 this year, compared with an average daily 2011 rate for VLCCs at about $17,000, which was a record low annual average, Bimco noted.
Copenhagen-based Bimco said daily rates for long-range and medium-range product tankers will range between $5,000-10,000, with more upside potential than downside.
The supply of global oil tankers grew 6.2% last year as 33m dwt of new vessels entered the market. Vessels being demolished from active trading accounted for 11.3m dwt.
Bimco said impact on the tanker shipping industry would be multifaceted in the event that Iran closes the Hormuz Strait. “A complete absence of Middle East crude oil into the market would result in a shortage of 19m of barrels of oil per day,” Bimco said.
“However, it appears that the tense situation in the area may have given some owners second thoughts and the desire to seek the next fixture in AG or somewhere else. By watching the tonnage list of VLCCs in AG, the balance between supply of tonnage and demand get closer every month.”
Copenhagen-based Bimco said daily rates for long-range and medium-range product tankers will range between $5,000-10,000, with more upside potential than downside.
The supply of global oil tankers grew 6.2% last year as 33m dwt of new vessels entered the market. Vessels being demolished from active trading accounted for 11.3m dwt.
Bimco said impact on the tanker shipping industry would be multifaceted in the event that Iran closes the Hormuz Strait. “A complete absence of Middle East crude oil into the market would result in a shortage of 19m of barrels of oil per day,” Bimco said.
“However, it appears that the tense situation in the area may have given some owners second thoughts and the desire to seek the next fixture in AG or somewhere else. By watching the tonnage list of VLCCs in AG, the balance between supply of tonnage and demand get closer every month.”