'BMI believes that crude oil tanker operators will continue to suffer in 2013, and that rates will remain depressed. Some respite for companies' bottom lines will come from the drop in bunker prices, but even this is unlikely to compensate for the poor rates currently commanded by the industry. The global fleet remains oversupplied, and moves towards scrapping older vessels will struggle to compete with the number of vessels yet to come online. Although the orderbook has decreased, the current low prices at shipyards may prove too tempting for operators, and this could rise once again, prolonging the overcapacity problem...'
The report, written to support the business planning and investment decision-making of those with commercial interests in the crude oil shipping sector, can be used to assess the outlook for 2012/2013 and over the medium term. The report helps to understand the exposure to the market changes; including exposing potential opportunities and risks, key bellwethers within the industry, as well as to benchmark other risk assessment analysis.
The report draws on BMI's 27 years experience to critically assess the outlook for global crude oil shipping in the year to come, the opportunities and risks for businesses in 2012 and beyond.
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