The medium-range (MR) tanker market is increasingly burdened by overcapacity but the hope of relief through demolition has been put off for five years thanks to the mercy that flag states have shown on the ballast water issue, according to broker Denis Petropoulos.

The Braemar ACM Singapore managing director cites company research calling into question whether the pain from depressed tanker rates this year will put enough pressure on owners of veteran tonnage.