Crude oil tanker newbuilding orderbook still historically low despite big upturn in orders
While the ordering of suezmaxes and VLCCs has picked up in the past year, the orderbook ratio to the existing fleet remains at its lowest since the mid-1990s
The rising orderbook does not take into account the significant ageing of VLCCs on the water and the increasing scrapping pressure these vessels will face, says Gibson market analyst Matt Coates