NITC’s fleet return could be ‘catastrophic’ for rates: Gibson

London: The possible influx of NITC’s VLCCs back into the market, as restrictions against Iran ease, could be “catastrophic” for the crude tanker market, London broker Gibson says in a recent market report.  NITC has 37 VLCCs, nine suezmaxes and five aframaxes in its fleet. Gibson reckons that Iran’s oil production will be slow to return to high levels, thus NITC’s VLCCs could initially reenter the market as relets. Many of the mothballed ships will need a drydocking before reentering service, Gibson noted.  [21/10/13]

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