World News
Frontline CEO Warns of Tanker Orderbook
According to Frontline CEORobert Macleod, the amount of new tankers scheduled for delivery in the coming years is a cause for concern, World Maritime News reports.
"Given the positive outlook of the tanker market we expect very little scrapping and the orderbook is a concern," he said.
So far, nine vessels have reportedly been delivered in 2015 and 107 new tankers have reportedly been ordered, equaling 17 percent of the 639 vessels that currently make up the global tanker fleet.
Of the total, 67 vessels in the orderbook are purportedly Suezmax tankers.
There is reportedly concern over whether worldwide oil supply will keep up with the pace of capacity growth, though Macleod also added that the ongoing trend of floating storage was also a factor this year.
"Vessels in various ports and places around the world were forced to store as they were instructed to wait for the cargo on board to be sold to," he said.
Earlier this month, Drewry also echoed Macleod's concerns when it suggested that future capacity growth might spell the end pf sky-high tanker rates.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 625.00 | 9.00 | 732.00 | 15.00 |
| Rotterdam | 577.50 | 3.50 | 739.50 | 1.00 |
| Houston | 595.00 | 0.50 | 767.00 | 4.50 |
| Fujairah | 628.50 | 4.00 | 878.50 | 11.00 |
| Global 20 Ports Average | 645.50 | 0.50 | 827.00 | 5.00 |
| Global 4 Ports Average | 606.50 | 0.50 | 779.50 | 0.50 |
| Global Average Bunker Price | 703.50 | 4.00 | 886.00 | 6.00 |
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