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Saturday, December 16, 2017

Still a fragmented aframax ownership

In its September 2006 aframax report, Johan G. Olsen lists 734 aframaxes (up from 694 in September 2005) (including 30 OBOs) plus 235 orders (up from 147 in September 2005).

 

Teekay is the biggest aframax owner with 46 ships (6% share) (of which Teekay Norway operates 9 aframaxes), MISC has 36 (5% share) and Tanker Pacific 24 ships (4% share). The next on the list are 15 owners with 10 to 22 tankers. Altogether the 18 biggest aframax-owners have 302 ships or 41% of the total aframax fleet. There are another 31 owners with five to ten ships, which means 49 owners with 5 aframaxes or more have 510 ships and together a 69% market share. Altogether Johan G. Olsen lists some 180 aframax owners which means that this segment is still very fragmented.

 

There are four pools operating aframaxes:

 

Pool

Total

Share

Newbuidings

Aframax International Pool

32

4.4%

6

Heidmar Sigma Pool

11

1.5%

9

Torm LR1 pool

14

1.9%

14

Torm LR2 pool

19

2.6%

12

Total

104

14.2%

104

Aframax fleet Sept 2009

734

100.0%

104

 

Johan G. Olsen lists 139 aframaxes fixed on contracts for 2008 and later, including 27 tankers on order. The oil/state-owned companies operate 2006 aframaxas, which means that there are 389 aframaxes in the spot market.

 

According to the LR Fairplay database, 76% of the aframax oil tanker fleet is double hulled, 10% double bottomed or sided.

 

Whereas the aframax segment includes tankers from 80,000-119,999 dwt, the orderbook includes only tankers from 105,000 dwt to 116,00 dwt. The tankers that are being delivered are therefore larger than the ones sold for decommissioning. The total tanker orderbook is, according to Clarkson, 23 m dwt, whereas there are some 15 m dwt due for phase-out, including some 60 double-sided or bottomed tankers of just under 6 m dwt.

 

Year

Supply tankers 80-119,999 dwt

Phase out *

Deliveries**

Net change

2005

19

65

46

2006

13

53

40

2007

23

51

28

2008

5

57

52

2009

6

80

74

2010

20

5

-15

2011+

105

 

-105

Total

179

311

120

 

* Assumes tankers continue to trade after 2010 until the age of 25 years old

** Source: Clarkson Shipyard Monitor

 

Contact: Erik Ranheim