Crude tanker owners will have to wait until the second half of next year before a recovery kicks in with the market presently moving through the bottom part of the cycle, Teekay says.
Fleet growth and OPEC cuts made June 2017 the worst in four years for tanker earnings, Teekay’s head of research Christian Waldegrave explains.
“We are really now coming to the bottom of this cycle in the tanker market,” he said, noting that the VLCC fleet has grown by 7.7%
