The year 2011 was difficult for the tanker freight market. Modest demand growth and continued oversupply characterised the market. The slow economic growth, combined with bunker prices almost reaching previous record levels, contributed to make 2011 another severely difficult year for the tanker sector. Earnings for crude tankers declined further during the year, from already unhealthy levels. At the same time, the order boom of the past years puts pressure on the rates. The actual order book for tankers equates 30 per cent of the active fleet for oil tankers and nearly 70 per cent for gas tankers.
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