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Friday, September 21, 2018

Suezmax and VLCC ownership and employment – J.G. Olsen

The shipbroking company Johan G. Olsen has now issued its Annual Suezmax and VLCC fleet lists (March 2003), which include employment and type of ownership.

The list of Suezmax tankers contains 311 ships plus 63 Suezmaxes on order. Just over 60% of the fleet, or 193 of the Suezmaxes, work in the spot market or on short contracts, 40 are fixed until 2005 or later, and 78 are oil company or state-owned. 15 of the Suezmax tankers on order have been fixed on long-term contracts and another 15 are owned by the oil companies. The remaining 33 contracted Suezmaxes currently have no specific employment.

Of the major oil companies, BP control ten Suezmaxes, five of which are owned by them, ChevronTexaco own eight Suezmaxes and Exxon Mobil own four and have another two on long-term contracts. Shell only own one Suezmax.

There are only some 45 “pre-MARPOL” Suezmaxes left that were built in 1981 or earlier. Only 30 were built 1982-1988, of which 8 were OBOs. By far the largest number were built during the three-year periods 1991-1993 (69) and 2000-2003 (77). The average age of the suezmax fleet, the youngest of the segments, is today 10.6 years and will probably decline to below 9 years in 2005. There are some 20 combination carriers with an average age of 14.2 years in this segment.

Some 61% of the suezmax fleet, or 191 ships, are double-hulled and in addition some 18 have a double bottom or double sides, which means that only 23% of the fleet is single-hulled. The 1970s-built ones will be phased out over the next couple of years, which will mean that in 2005 some 77% of the fleet will be double-hulled, including some 5% DB/DS.

The list of VLCCs contains 439 ships plus 71 VLCCs on order. Just over 55% of the fleet, or 243 of the VLCCs, work in the spot market or on short contracts, 88 are fixed until 2005 or later, and 107 are oil company or state-owned. 18 of the VLCCs on order have been fixed on long-term contracts and another 18 are owned by the oil companies. The remaining 35 contracted VLCCs have no period employment.

Of the major oil companies, BP own four VLCCs, ChevronTexaco own 4 VLCCs and have another two on long-term contracts, ExxonMobil own nine VLCCs and have another 8 on long-term contracts, and Shell (including Showa Shell) own seven VLCCs and have another five on long-term contracts. It is Tokyo Tankers that controls the biggest VLCC fleet of 6 owned tankers with another 15 on long-term contracts.

There are only 61 “pre-MARPOL” VLCCs left that were built in 1981 or earlier. Only 35 were built 1982-1988, of which four were OBOs. By far the largest number were built during the three-year periods 1991-1993 (84) and 2000-2003 (117). The average age of the VLCC fleet is today 10.1 years and will probably decline to some 9.5 years in 2005. There are 5 combination carriers with an average age of 16.2 years in this segment.

Some 53%, or 232 ships of the VLCC fleet, are double-hulled and in addition, 11 have a double bottom or double sides, which means that only 45% of the fleet is single-hulled. The 1970s-built ones will be phased out over the next couple of years, which will mean that in 2005 some 63% of the fleet will be double-hulled.

Further information on the top 5 suezmax and VLCC operators is available here