Much has been made of the recent rise in newbuilding tanker orders, resulting in an orderbook that is its largest for years. However, this recent spate of ordering has not yet been enough to undo years of under-ordering and, with a fleet that has never been older, the long-term supply picture remains bullish from a freight perspective.
Throw in the curveball of the ghost and sanctioned fleets and the rising number of vessels soon to celebrate 20 years on the water, and the picture becomes increasingly complex but pivotal.