ShippingWatch

Two VLCC players keep the order book hot and buy old ships

One is buying up 16-year-old ships. The other has an order book with upwards of ten newbuilds. ShippingWatch has spoken to two of the new players betting on the VLCC market at a time when the sector is crying for scrapping with a slowdown in ordering.

Huge deficits, several years of towering fleet growth, weak tanker rates and spigots being turned off in many of the world's oil nations — these factors are not deterring new players from entering a currently hard-pressed tanker market.

And low prices on newbuilds and second-hand vessels have motivated Hunter Group as well a ADS Crude Carriers to enter the sector in recent months. One company is buying 16-year-old ships. The other has an order book that could up including ten new VLCCs, very large crude carriers.

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