The dearth of tanker ordering could force older ships to keep trading, Simpson Spence Young says.

Tanker ordering this year is outpacing 2022, it said, with 2.8m dwt on order so far, up from 6.8m dwt for all of last year. Almost all replacements are for ships near scrapping age.

“Older tonnage significantly outweighs the tonnage on the orderbook,” the broker said in its monthly report published on Wednesday.