The deluge of tanker newbuildings continue to flood out of shipyards, a leading broker warns.
Four of the five major tanker sectors saw slippage and cancellation of new vessels slow down in 2011 despite deteriorating earnings, according to data from Charles Weber.
It explains the trend is partly due to yards which had accepted delays to ship originally for delivery in 2009 and 2010 refusing to play ball again in the face of a fall in fresh orders.
According to Weber’s numbers VLCC slippage and cancellations declined to 31% in 2011 with 62 of the scheduled 90 tankers being delivered.
For 2012 the broker says the figure will dip further with only 21% of the projected 72 deliveries into the sector expected to miss the mark.
In the suezmax space 35% of newbuildings proved a no show with 44 new tankers joining the fleet.
In 2012 only 14 of the 62 newbuildings scheduled to hit the water will not make it, slowing the rate to 23%.
In the aframax market axed and delayed orders sat at 30% in 2011 as 59 of the forecast 84 ships were rolled out.
This year they will be joined by 55 more, Weber says, with only 13% of the expected 62 tankers not turning up.
The panamax market was the only one to see an upturn in slippage and cancellations with half of the projected 52 vessels not appearing.
Of the 27 units on order for delivery during 2012, we project that five, or 19%, of these will slip to a later delivery year, yielding a total of 22 deliveries,” Weber said.
It counts MR slippage at 22% for 2011 as 76 of 98 arrived as planned.
This will slow to 19% this year with 83 of the forecast 89 newbuildings tipped to make it, Weber says.