Where the old ships go

摘要

The tanker market peaked in 2004 and,certainly as far as spot earnings are concerned,has declined continuously since then.The main driver for this is that the volume of new tonnage arriving in the world fleet has outpaced any increase in demand for capacity.The current high price of crude oil reflects both rising demand,notably from China and elsewhere in Asia,but just as importantly constrained supply,which is reflected in the level of demand for tanker capacity,particularly in the Middle East.