Reuters: Freight Rates Seen Rebounding 80% in H1

“Freight rates for the largest oil tankers are expected to rebound nearly 80 per cent in the first half of the year, from unprecedented lows in 2010, on rising oil demand, increased Opec supply and piracy concerns, a Reuters poll showed . . . The global tanker fleet was seen expanding by around 10 per cent to 450 million deadweight tonnes this year, compared to expectations for demand to rise by only 2 per cent. ‘Over the course of 2011, we expect between 40 and 50 per cent of the existing tanker orderbook to deliver into the trading fleet against a moderate expansion of vessel demand,’ said Howard Foote, analyst at Poten & Partners.”