VLCC ordering scales heights not seen since 2008

VLCC ordering in the first half of this year was on a scale not seen since the halcyon days pre-global financial crisis of 2008, according to statistics released today by shipowning body, Bimco.

The Danish-headquartered association noted that dry bulk and tanker newbuild contracts in the first half were 20% higher than 2016. Signed newbuild contracts so far this year stand at 19.6m dwt.

Bimco’s chief shipping analyst Peter Sand commented that all the new orders were not what the industry needed given the still poor earnings across most sectors in shipping.

“A continuous high level of newbuild activity will halt the current slow progressing improvement in the shipping markets,” Sand argued.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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