As tanker markets prosper but owners prove reluctant to order new vessels, one shipbroker has posed the question of whether the time is right for a re-evaluation of the ULCC.

Alex Karydis, director of chartering and sale and purchase at Hanse Bereederung, told TradeWinds that the sector has been performing “extremely well”, transporting oil over longer distances due to disruption caused by the Ukraine war.

Both the mainstream fleet and the shadow fleet of more than 600 tankers handling sanctioned business are enjoying higher rates, he argues.