Maersk Tankers warns against newbuildings hysteria

More than a third of the current global tanker fleet is just 0 – 5 years old. Therefore, it will be far more economical to upgrade the existing fleet instead of ordering new ships, which cannot pay for themselves, warns CEO of Maersk Tankers, Hanne B. Sørensen.

Photo: Maersk Tankers

CEO of Maersk Tankers, Hanne B. Sørensen, is worried at the prospect of orders for new tanker ships on the grounds that newbuildings can deliver huge fuel savings and pay for themselves on the strength of greater efficiency.    

“As of yet, we have only measured an improvement in the efficiency of fuel consumption of 10 percent tops, and that is not sufficient when compared to ordering new ships and paying interests on them. Therefore, in the current situation, we ought to have a much stronger focus on upgrading and retrofitting the tanker fleet. We must remember that about 37 percent of the fleet is aged between 0 – 5 years. That is a very young fleet. Estimates indicate that an upgrade of a ship can be carried out for $2 – 5 million, while 10 – 11 existing tankers can be retrofitted for an amount equivalent to the price of a single new MR product tanker,” says Hanne B. Sørensen to ShippingWatch.   

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