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Middle East VLCC supply 'well above adequate'
- Middle East: Saturday, September 22 - 2012 at 04:09
Brokers have said crude oil tanker earnings on the major Middle East route were steady on Thursday, with the market still struggling with a surplus of vessels, which was capping scope for gains, Reuters has reported. "The VLCC market continues to limp along with charterers not particularly inclined to quicken the pace," broker Fearnleys said. "Chinese charterers are scheduling local tonnage for their requirements, whilst the supply of VLCCs in general, however, remains well above adequate." Tanker players said downside risks remained for the sector, given worries about the global economy and the fact that more tankers, ordered when times were good, were still to join the global fleet. "The VLCC market has been heavily plagued since the financial crisis of 2008 with a gross oversupply of vessels in the market caused by the over-aggressive ordering of the past. Freight levels are now near absolute bottom levels," said George Lazaridis, head of research with Greek ship broker Intermodal. "The overcapacity issue will only continue to get worse."
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