The return of former Ocean Tankers-linked VLCCs to the active fleet is having a negative effect on already depressed tanker rates, a top US shipbroker said.
Their return comes on top of the unwinding of additional floating storage, increased newbuilding deliveries and a lack of scrapping as marginal buyers continue to pay premiums over scrap for vintage tonnage.
“The return of Ocean Tankers' fleet has added further pressure to the already oversupplied VLCC tanker market,” McQuilling Partners said.
