Shipowners say they won’t order expensive new dual-fuel tankers without charters. They’re not getting charters, so they’re not ordering.
Tanker rates haven’t been this strong at this time of year for a half-decade.
The Maritime Association of the Port of New York and New Jersey also announces hall of fame inductees.
Crude-tanker rates are staying lofty for a prolonged period, proving that the October spike was no “one off.”
Investors and commodity shippers favor spot contracts, but GHG cuts will require more long-term employment.
VLCC rates have rapidly fallen from over $300,000 per day to around $125,000 per day.
Switch to long-term coverage that began in 2016 continues to pay off in 2019.
