Supertanker Orders Surge to Record High, Exceeding 2008 Peak
The number of supertankers on order globally has hit a record 262, a more than 1,000% increase from two years ago, surpassing the 2008 record that later led to a market crash in shipping rates.
Global orders for very large crude carriers (VLCCs) have reached a record 262, according to new data. This represents a surge of over 1,000% compared to just two years ago.
Each supertanker can carry up to 2 million barrels of crude oil. The previous record was approximately 255 vessels set in October 2008 — a build-up that ultimately flooded the market, causing daily charter rates to crash and tanker company revenues to collapse.
Shipowners are now rushing to capitalize on ongoing supply chain disruptions. However, the rapid expansion raises the risk of a repeat oversupply scenario in the tanker market.
Source: The Kobeissi Letter