MR Tanker Sales and Charter Rate Hike: Tonnage Shortage Hits Market
charter-rate-increaseThe market for medium-range (MR) oil tankers is experiencing a critical phase marked by the simultaneous decline of obsolete assets and the immobilization of new capacity in shipyards. Scorpio Tankers has sold four vessels built in 2014 for $32 million each, reducing available tonnage. Asyad Shipping has liquidated three of its oldest ships for $178 million, accelerating the replacement with orders not operational before 2030. This fleet renewal reduces the available supply in the secondary market, forcing charterers to compete for a smaller pool of vessels, driving up short-term charter rates.
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