Source: Bimco - Tanker owners must have thought the worst was over. With the global economy emerging from recession and upbeat GDP growth figures, they might for a while have believed that they would escape a double dip recession. In fact, tanker owners in most segments are only just understanding how painful the market will be. But curiously this has not stopped them from placing ever more orders.
Like the dry bulk sector, the tanker industry was looking for a fourth quarter bounce after a summer in which VLCC and Suezmax rates collapsed to below break-even levels. In fact things have gone from bad to worse and seem unlikely to improve soon.
Analysis from Lorentzen and Stemoco estimates that earnings in these segments are way below break-even - in broad terms between USD 20,000 - 30,000 per day - depending on gearing and operational efficiencies of the ship. Spot rates linger in the mid teens per day on average and in time charter equivalent earnings, the first half of October 2010 put in a performance worse than the comparable period of 2009.
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