LNGVOY is a voyage charter party for the carriage of liquefied natural gas. Copyright in this document is held jointly by BIMCO and GIIGNL (International Group of Liquefied Natural Gas Importers). The latest edition of this contract is LNGVOY, issued in 2016.
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It appears that our previous estimate for ship recycling was too high. Year-to-date, ship recycling has been significantly less than we expected. We have therefore reduced our recycling estimates, which in turn has increased our estimate for fleet growth. However, we still estimate that fleet gr... Please follow the link to continue reading.
We estimate that the crude tanker and product tanker fleet will end 2023 up 1.8% and 2.0% respectively on last year. Crude tanker growth will also remain muted in the coming few years as the order book to fleet ratio remains very low at 4.3%. Contracting of product tankers has in the meantime inc... Please follow the link to continue reading.
In line with our previous forecast, we estimate that the crude tanker fleet will grow 0.5% during 2024 and 1.2% during 2025. Product tanker fleet growth is estimated to be 1.6% and 4.8% during 2024 and 2025 respectively. Compared to our previous forecast, we now expect slightly slower growth in 2... Please follow the link to continue reading.
The crude tanker fleet is expected to grow by 2.0% and 0.4% in 2023 and 2024 respectively. Contracting of crude tankers has remained subdued and the order book remains low at only 3.7% of the size of the trading fleet. New ship deliveries will therefore remain low for the coming period. However, no ... Please follow the link to continue reading.
For crude tankers, we forecast that the supply/demand balance will tighten further during both 2024 and 2025. Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is... Please follow the link to continue reading.
We estimate that the crude tanker fleet’s capacity will grow 0.5% in 2024 and 1.2% in 2025. Since the 2nd quarter of 2023, there has been renewed interest in contracting of new ships. The order book has increased 160% to reach 34.3m deadweight tonnes and now equals 7.4% of the trading fleet. Howe... Please follow the link to continue reading.
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Though the spot markets for both crude and product tankers have suffered reductions during 2023, and crude tankers especially have seen significant volatility, both markets have remained attractive. Time charter rates have remained near the highs of 2022 and second-hand ship prices have continued to... Please follow the link to continue reading.
