Tradewinds: Time to be Creative

“Shipowners accepting VLCC newbuildings this year may need to think outside the box along with their accountant as spot rates are presently less than half what the new vessels require to break even, a leading shipbroker says. . . . According to Poten & Partners the new tankers are entering the market at a time when fuel bills and operating costs are at 2008 levels while earnings are 70% below that peak.”