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Product tanker market-I: A lot of data
Mar 07: Product tankers market is undergoing a transition of sorts
8Demand is increasing on account of changing trade routes and refining landscape (demand estimates are documented here)
8The changes in trade routes are illustrated
8A comparison of exports by India, US and Saudi Arabia are highlighted, with US playing the bigger role
8Details of expected refinery expansions are documented
Meanwhile, the following is the outlook for MR2 vessels
8Orderbook has fallen from a ~48% high in 2007 of the then existing fleet to 6% (98 MR2 vessels) of the worldwide fleet, lowest since 2000
8MR2: Low ordering – 52 MR2’s in 2017 (3.2% of global fleet)
8Limited capacity additions scheduled beyond 2018 due to continued financial problems/restructurings/closures at shipyards and limited availability of cost-effective capital
8Worldwide MR2 fleet is expected to grow at an average of 2.7% (gross) per annum in 2018 and 2019, without giving effect to the scrapping of older vessels and slippage of deliveries
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