Ship owners refrain from further tanker ordering

In what could be perceived as good news for the future balance of demand/supply in the tanker market, ship owners have avoided placing new orders for vessels. According to a report from shipbrokers Gibson, the 18-month long resurgence in crude tanker ordering has come to a halt. “Months of low earnings coupled with a bearish sentiment in the tanker spot market has finally slowed down the shopping spree for tanker newbuildings” said the latest weekly report from the London-based firm.

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Source: Hellenic Shipping News