Stop ordering and building new oiltankers! That was the mantra chanted againand again by participants at the MarineMoney Week conference in New York onWednesday as they focused on the chal-lenges facing a tanker market in which spotcharter rates have slumped to record lows.Spot rates for very large crude carriers (VL-CCs) have recently been reported at $25,000per day, down from $70,000/day last June. Pan-elists who spoke at the conference said they ex-pect spot rates to remain mired at depressedlevels for the next two years or so.
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