A 12-year low for VLCC prices are not expected to tempt shipowners back to order hungry yards despite BW Group’s two-ship deal this week.
Crumbling rates for large tankers and a lack of finance for new projects means the Singapore company’s order is unlikely to be the start of an order run.
Brokers say VLCC newbuilding prices at South Korean shipyards are now standing at $85m to $86m per ship.
