According the latest report from McQuilling, the soaring delivery delay of newbuilding tankers will be a latent trouble for the market of the next few years, although it will benefit the tanker market in this year.
In October, originally 228 vessels are scheduled to be delivered. In fact, only 151 vessels were delivered, 39 lower than the normal level of 190 vessels. The delivery delay ratio has come up to 20% till now, much higher than the average 5%.
At the same time, the ship scrapping level has always been high till now. McQuilling has ever estimated that 66 tankers will be scrapped, of which 64 has been sent for scrapping. Besides, three VLCCs were scrapped in this year, greatly alleviating the overcapacity issue.
The delivery delay and high scrapping level will greatly benefit current tanker market. However, the delayed vessels will enter the fleet sooner or later in 2013 or 1014, further aggravating the overcapacity. Just as McQuilling put it, overcapacity is just as a client who refuses to pack the food left.
VLCCs, Suezmax tankers and MR product tankers will be the parts mostly hit by the delayed vessels, according to McQuilling.
Besides, McQuilling points out that tanker owners still have to face great pressures despite the low delivery and high scrapping.