Lloyd’s List: Newbuildings Keep Arriving as VLCC Values Plunge

“Plunging secondhand values of very large crude carriers pose tough questions for owners as newbuildings continue to flow off the production line while there is little sign of an improvement in market conditions. US-based brokerage and advisory firm Poten and Partners said: “The VLCC fleet has grown by over 64 ships since the end of 2009, equating to more than 12% fleet growth.” The firm believes that with about 80 additional VLCC newbuildings expected to be delivered between now and the end of 2012, owners may need to take more drastic measures to avoid haemorrhaging cash.”