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  • Melvin Mathews

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

Updated: Jul 22, 2020

  • 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

How are things going to change when we emerge from the pandemic?

Let me know your thoughts.

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