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Tuesday, October 16, 2018

Product tanker fleet – 37% double-hull

The current product tanker fleet (above 5,000 dwt, excluding chemical tankers and chemical/oil tankers) stands at 48 million dwt or 1,355 tankers. The average age of the fleet is 14.5 years and 37% of the fleet is double-hulled, 12% double-bottomed, 3% double-sided and 48% single-hulled.

The most modern segment of the product tanker fleet is the 40,000-49,999 dwt segment with a 60% double-hull share. The segment above 60,000 dwt also has a close to 60% double-hull share.

Most of the product tankers are in the range 30,000-49,999 dwt, whereas the product tankers built in recent years are in the 40,000-49,999 dwt range.

The product tanker orderbook is substantial with 239 product tankers of 10 million dwt (5,000 dwt and above) set for delivery in the period for the remainder of 2002 to 2005. This orderbook accounts for nearly 21% of the current fleet.

Some 189 product tankers, totalling 8 million dwt or 80% of the orderbook, are between 30,000 and 49,999 dwt. This accounts for 36% of the current fleet.

The product tanker spot freight market (30,000 mt cargo range Caribs-USAC and Cont-USAC) enjoyed very high charter rates in the period mid-August 2000 to end-October 2001. The high-charter rate cycle for product tankers started later than the pick-up in the crude market, but lasted longer. Rates to the US have been sustained due to increased US gasoline imports (see next item), imports of other oil products have remained flat or decreased. OECD Pacific has also shown a moderate increase in oil product imports, jet/kerosene imports have increased, other products have remained flat or decreased. Furthermore, OECD Europe has imported surplus US residual fuel oil this year, giving rise to interesting voyage combinations.

The average time-charter equivalent rates for product tankers have developed as follows:

Caribs-USAC (30,000 mt cargo) average 2000: USD 15,300 per day, average 2001: USD 17,500 per day, average 2002 to date: USD 9,500 per day.
Cont-USAC (33,000 mt cargo) average 2000: USD 12,750 per day, average 2001: USD 18,700 per day, average 2002 to date: USD 10,900 per day.
The development in WS charter rates for various tanker market trades can be viewed on INTERTANKO’s web site at the following link:

INTERTANKO is publishing a new market publication later in the autumn and an analysis of the product tanker market will form a part of that report.