Tanker orderbook could still spell oversupply in 2000

Deliveries of very large crude carriers (VLCCs), such as the 308,500-dwt Frank A. Shrontz owned by Chevron Corp., were up 4.3 million dwt at yearend 1999 from a year prior. Photo from Chevron Corp. as it appears on Bermuda-based Frontline Ltd.'s website.Click here to enlarge imageAt yearend 1999, prospects for newbuilding in the world's tanker fleet would suggest a disturbing oversupply, according to Clarkson Research Studies' semiannual Shipping Review & Outlook. "After the 20-year record contracting of 58.3 million dwt of ships in 1997, in 1998 the shipyards saw orders slump by 32% to 39.8 million dwt. Just enough to maintain capacity. So far this year, the yards are just ...

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