Tankers suffer overcapacity as low OECD oil use dogs global economy
ANOTHER tough year is expected for tankers on the back of overcapacity coupled with a one per cent drop of OECD oil consumption in 2012 and a global decline of 0.6 per cent, Drewry consultants report.
This contrasted with a 2.7 per cent increase in non-OECD countries, as weak US demand for light crude forced West African producers to export to eastern markets, reports London's Tanker Operator.
Drewry said recovery in tonnage demand is expected from 2014 onwards with a gradual improvement in the global economy and a corresponding increase in oil demand, particularly in Asia, the Middle East and Latin America, but tanker demand is expected to rise five per cent a year through 2013-17 to 405 million dwt.