Tanker owners have been hit with a deluge of new deliveries in the first month of the year on a scale never seen before, heaping further pressure on an already weak freight rate environment.
At an unprecedented scale, 5.5m dwt of crude oil tanker capacity – up 220% from January 2016, has already been delivered in 2017, according to preliminary data from VesselsValue.com.
January 2017 already accounts for 22% of the previous year’s total deliveries of crude tankers. In comparison to the totals of 2015 and 2014, this 2017 figure amounts to 48% and 51%, respectively.
The lion’s share of January deliveries were taken by 12 VLCC deliveries, which totals 3.68m DWT and represents 67% of the month’s total. Additionally, 943.000 dwt of suezmaxes and 903,500 dwt of aframax vessels were delivered.
From January 2014 until January 2017, demolition amounts to only 8m dwt, just 2.2% of the current crude oil tanker fleet.
Commenting on the statistics, Peter Sand, chief shipping analyst at global shipowning body, BIMCO, said: “This record-high crude oil tanker delivery growth is troubling, and worsens the balance between supply and demand instantly, due to sluggish demolition in this segment.”