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Lloyd's List Intelligence report

Oil tanker fleet continues to expand

by Port News Editorial Staff

The tanker fleet will grow by another 98 million tonnes (dwt) by 2024, or 23% more than the current one.

This is certified by Lloyd’s List Intelligence, underlining how the order backlog is currently 92 million dwt and estimating a 21% increase in deliveries of new vessels over the next five years compared to the previous five years.

Overall, 676 crude oil tankers totaling 129 million dwt will be delivered between 2020 and 2024

In the same period of time vessels totaling 31.7 million dwt will be scrapped; figures slightly higher than those of the previous five years. This means that between 2020 and 2024 all ships built up to the year 2000 will be demolished.

During the four-year 2015-2019 period the fleet increased by 22%, totaling 76 million dwt, with an average annual growth of 4.1%.

The data shows that about 2,225 crude oil tankers are currently operating, 823 of which belong to the VLCC category.

Translation by Giles Foster

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