The oil tanker fleet inched up marginallyrnby 0.2% to 468.6 mdwt in April. Therncrude tanker fleet expanded by threernvessels, while the product tanker fleetrnremained static over the last month. Strongrndemolitions, particularly in the crude tankerrnmarket, have capped the fleet growth thisrnyear so far. Although scrapping declinedrnin April, the overall demolitions this yearrnhave been very strong. A total of 42 cruderntankers were scrapped until April, almostrnhalf of them being VLCCs. Weak freightrnrates, firm demolition prices and fleetrnrenewal spree by owners ahead of the IMOrnregulation on bunker fuel has been keepingrndemolitions strong.
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