World Suezmax Fleet Counts 517 Vessels Now
The world Suezmax fleet (excl. shuttle, product & Jones Act tankers) counts 517 vessels at the end of 2Q2019, said Nordic American Tankers (NAT).
During 2018, 28 suezmax vessels were delivered from the shipyards and 21 vessels were scrapped, the international tanker company said in an announcement.
"For 2019 we expect a similar number of new deliveries as in 2018. In 2020 we currently see 22 vessels scheduled for delivery," it said.
The supply of tanker tonnage is inelastic in the short-term. When there are too many ships in an area, rates tend to go down. When there is scarcity of ships, rates tend to go up. Short-term spot tanker rates may be expected to be volatile.
NAT pointed out that in light of trade war headlines currently, that political uncertainty can be a positive for tanker shipping, as inefficiencies in the energy logistical chain stretches the tanker fleet (storage, delays, different trade patterns, etc) and subsequently limits supply of tankers.
Nordic American Tankers fleet consists of 23 Suezmax tankers with a cargo lifting capacity of 1 million barrels of crude oil each.