Overtonnaged VLCC sector faces a catastrophic future for the next five years.
In its latest report, London shipbroker Braemar Seascope sees a long-term problem for VLCCs; up to five years.
"Perhaps one day owners and shipyards will stop adding ships to an already hugely oversupplied market."
It does recognize that there has recently been an increase in demand and the number of spot fixtures is growing.
"However the crushing weight of the tonnage list means that rates will not improve significantly." it reports.
"The recent drop in the secondhand values of VLCCs shows that the poor outlook is not simply a short-term problem, but it reaches forwards into the next five years."