The immense orderbook in product tank has reached a size that will have a negative impact on the rates, especially in 2015 and 2016, once the many newbuildings start to hit the water, says analysts McQuilling Services in a Tanker Market Outlook on Friday.
Newbuilding contracts in tank increased to a total 392 ships in 2013, the highest level since 2007. The majority of these contracts are for MR2 (Medium Range), with 223 orders in total, a development that "continues to cement our belief that clean tanker rates are in store for a supply driven contraction. This reality will gradually emerge as previous years' orders deliver from yards, especially in 2015 and 2016," says McQuilling.
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