Out with the Old, in with the New?

Should owners replace older tonnage with new vessels? A few days ago, we talked to an investor who faces a dilemma. He owns several 10-year-old Medium Range (MR) product tankers, which were acquired several years ago for competitive prices at the time of purchase. All vessels are on period charter to oil companies for respectable rates. His question: Should he keep these vessels for the foreseeable future? Or is it time to trade them in for a pair of new ECO models? Download here