Tanker Newbuild Contracting Surges to Kick Off 2024

BIMCO is reporting a significant surge in crude tanker newbuild contracting in the first two months of 2024, with a 490% year-on-year increase to 7.4 million DWT.

This spike is attributed to a rise in orders for Very Large Crude Carriers (VLCCs), with 19 units ordered, surpassing the total number of orders in all of 2022.

Freight rates for crude tankers have remained strong since the start Russia’s war in Ukraine, with the Baltic Exchange Dirty Tanker Index reaching its highest average for January and February since 2006.

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