Sanctioned tanker scrapping could offset large order book: operators

Whether a large newbuild order book would weigh on tanker rates could depend on the pace of shadow-fleet scrapping and evolving demand situations during the Hormuz shipping crisis, some ship operators said June 1. Industry association BIMCO estimates the crude tanker order book size at nearly 25% of the existing fleet, the highest level since the 2008 financial crisis, while the product tankerWhether a large newbuild order book would weigh on tanker rates could depend on the pace of shadow-fleet scrapping and evolving demand situations during the Hormuz shipping crisis, some ship operators said June 1. Industry association BIMCO estimates the crude tanker order book size at nearly 25% of the existing fleet, the highest level since the 2008 financial crisis, while the product tankerRead More