Even though the spot tanker market was not quite as dynamic in 2005 as what was seen in 2004, this did not, by any means, place a damper on the trade in second hand tankers. The main factor underpinning the active second hand tanker market in 2005 was the continued profitability associated with being a tanker owner with vessels in play. Even though tanker returns were somewhat less than those seen in 2004, they were far from paltry, and this encouraged strong interest from buyers who either wished to enter the tanker market or who wished to increase their level of participation. This strong interest was not lost on potential sellers of second hand tankers and was a decisive factor in maintaining price levels more or less at the same high levels as those seen in 2004. Major market indicators point to a strong resemblance between the market for second hand tank in 2005 and 2004. Nonetheless, nothing lasts forever, and there were tentative indications at the end of the year that price levels may be slipping as confidence in the immediate future of the tanker market eroded somewhat.
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