What does the crude tanker sector look like during the pandemic?

Decline in crude oil consumption is 7 times bigger than the largest quarterly decline in the 2008-09 recession

Number of active rigs are down by 30%

VLCC & Suezmax earnings are over 30% higher from the beginning of the year

Approx. 10% of the global VLCC fleet is being used for floating storage during 1st and 2nd Qtr of 2020

Roughly 200 crude oil tankers are on storage duty

Because time charter rates are high, hardly any scrapping has taken place, while 5.4 million dwt has been added

7% of the tanker fleet has been busy with scrubber retrofit projects

20% of the crude tanker fleet has scrubbers outfitted

8% newbuild order coming online in the next 2 years

10% of the crude oil tanker fleet over 20 years old