Like their peers in the West, major Asian tanker owners have faced huge market uncertainty in recent quarters due to the ever-evolving coronavirus pandemic.

But not all are taking the same approach in the volatile rate environment.

Private enterprises with a more international outlook have mainly reduced their fleet sizes amid persistent oversupply worries.

In contrast, state-backed companies with close access to an expanding home cargo base are operating more vessels — or at least maintaining their shipping capacity.

Still the ‘Big 3’?

Mitsui OSK Line plans to offload one of its fleet of 40 VLCCs by March and the 311,000-dwt Shizukisan (built 2009) could be in the firing line.