ShippingWatch

Drewry: No rate increases for tank market anytime soon

The pressure on crude oil tankers won't subside anytime soon, according to British analysts Drewry. The remainder of 2013 will be characterized by overcapacity, Drewry tells ShippingWatch.

Photo: PR-foto: DHT Holdings

There's not a lot of optimism to be found at the British analyst agency Drewry, which specializes in the shipping industry, when talk turns to the financially struggling tanker sector, especially the major super tankers, the VLCCs.

ShippingWatch asked Drewry's senior research analyst Rajesh Verma to evaluate the current market following a week in which Frontline reported that the company is closer than ever to throwing in the towel, a week where Intertanko carved the problems out in stone, and American shale gas looks set for a boom.

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