Tradewinds: Don’t Fire Order Gun

“A rush of more than 50 suezmax newbuilding orders last spring set back a recovery in the market by two years, Poten & Partners says. Its comments come amid concerns tanker owners will climb back on the newbuilding bandwagon as soon as the spot market begins to turn. ‘Recent comments made to the press and Wall Street have created some cause for concern as well-established tanker shipping companies seem to appear somewhat cavalier about the oversupply situation,’ the shipbroker said in a report. ‘While we appreciate the confidence in the resilience of the market, tanker shipping companies should be cautious that the overall demand climate seems well satisfied by the developing fleet for the near term.’”