The expected impact of lower scrapping has led broker Charles R Weber to take a more pessimistic outlook on the crude tanker sector over the next two years.

In a report provided to Trade­Winds, senior market analyst George Los says the firm has increased its estimates for the fourth quarter of this year and the first half of 2017.

That is due in part to recovering cargo volumes in Nigeria, which has helped suezmax tankers and VLCCs, with more competition between the Middle East and West Africa for VLCC tonnage.

Growing