Tag: Contracting
Capesize order book slips to 5% of fleet as contracting falls
At the start of October, the capesize order book was at 20 million DWT, a mere 5% of the capesize fleet. The contracting of newbuild capesize ships has gradually decreased since its peak in 2013 and only 5 million DWT were contracted so far in 2023, down 4% y/y. Low freight rates paired with a…
Year-to-date product tanker newbuild contracting hits 10-year high
Newbuild contracting activity during the past five years has been low at about 5.46 million DWT per year. In addition, the product tanker order book hit a low of 9.67 million DWT in December 2022, the smallest order book since June 2001. Due to the low contracting of ships, the fleet has only grown at…
Contracting Of Product Tankers Jump 337% In The First Half Of 2023
The product tanker orderbook to fleet ratio has surged from 5.4% in December 2022 to 9.3% in June 2023, driven by a remarkable 337% y/y rise in contracting during the first half of this year. A spike in freight rates and product tanker demand is likely behind the surge in contracting. By June 2023, product…
