The chronic overcapacity in tanker tonnage will accelerate the scrapping of older ships, according to a shipbuilding market report issuedrnby Lloyd's Register - Fairplay.rnRemovals of oil tankers through year-end 2013 will amount to 50Mdwt, which is up by 10% compared to the previous five years. While relatively few new orders are being placed for tanker tonnage, the report predicts new orders to amount to 76Mdwt over the next five years - a 60% decrease from the last five years.rnThe oil tanker fleet, which currently stands at 7516 ships, is expected to grow by 1.9% per year over the next five years in terms of the number of ships. Deadweight tonnage capacity will rise by 5.7% over the same period, reflecting a movement toward larger ships. New shipbuilding orders for oil tankers will amount to 76Mdwt through the end of 2013, a 60% decrease from the shipbuilding binge of the last five years.
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