Bloomberg: Suezmax Tankers Seen by Poten Adding Market Share as Fleet Grows

“Owners of tankers holding 1 million barrels of oil are increasing their share of exports from the Middle East, the Caribbean and Mexico as fleet growth spurs competition with other ships, according to Poten & Partners Inc. Suezmax tankers have almost doubled their share of one-time shipments from the Persian Gulf and increased long-distance voyages from the Caribbean and Mexico, the New York-based shipbroker said in an e-mailed report Sept. 28. Bookings exceeding 11 million metric tons last quarter were the most since the first three months of 2008, according to the report. Expansion into new trades is helping to offset a 60 percent decline in charters from West Africa while the fleet expands 9 percent, faster than smaller Aframaxes and very large crude carriers, the biggest oil haulers, Poten said. The competition will continue into next year as new vessels continue to hit the water and the crude tanker market suffers from uncertain demand and high stockpiles, according to the report. ‘Suezmax owners have aggressively fought for market share in a number of traditional and non-traditional markets,’ Poten said. ‘Continued Suezmax deliveries into 2013 suggest more market-share competition with other sectors.”