Single and Waiting to Mingle

Heading into the fourth quarter, it is becoming apparent that 2009 is not shaping up to be the pivotal year as many had expected regarding the single hull fleet. Some shipowners hoped that the planned removal of single hull tankers would have provided support to freight rates and asset prices this year. While the expected phase-out has certainly played a major role in fleet renewal and newbuilding activity over the past five years, the removal of this fleet may not be the immediate boon to the market as some had hoped. Download here