Tsakos Energy Navigation believes owners will show more restrain with their newbuilding activities in the tanker sector.
George Saroglou, chief operating officer at the New York-listed company, says owners will not pile in with fresh orders.
Saroglou said: “The oversupply of tonnage which has been so much publicized, I think, is making owners more disciplined and they would like to see a more sustained market recovery before they will go out and order some more.
“It’s very difficult to see people going out in the market and ordering on the speculative basis when they know what the existing order book is in for the balance of 2011 and 2012,” he told Capital Link’s Tanker Forum.