Business Times (Singapore): More Suezmaxes Hit the Water as Their Fleet Grows

“Owners of tankers holding one 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 a report on Sept 28. Bookings exceeding 11 million tonnes 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 per cent decline in charters from West Africa while the fleet expands 9 per cent, faster than smaller Aframaxes and very large crude carriers (VLCCs), the biggest oil haulers, Poten said.”