Fairplay: Tanker Lives Shortening?

“The anticipated removal of the remaining single-hull tankers is unlikely to have any meaningful impact in reducing [VLCC and Suezmax] oversupply, as there are relatively few left and they have virtually no role in the spot market. . . . Poten & Partners took a similar tone its latest report: ‘Since the majority of single-hull vessels have already exited the trading fleet, reconciliation of supply will likely result from voluntary removal of older double-hull tonnage. Age restrictions at terminals and more stringent industry standards for trading vessels, together with high scrap prices, might convince owners of older double-hull vessels to finally exit the market,’ it added.”