Stocks that Float: TANKERS & DRY BULK SHIPPERS

[xanadu90]

Present situation in vessel newbuilding. The growth of both supply and demand has been astonishing:

http://download.hellenicshippingnews.com/pdf/worldyards/RealityCheck3years%20on.pdf


I added the link of Worldyards in the iBox. It will be most interesting to see how many ships will be scrapped in 2008-2010.

International Maritime Organization (IMO), an United Nations organization, has regulated that by the end of 2010 all single-hull tankers will be converted into double-hull or scrapped. Western countries have adapted the rule but there is a general suspicion that the Asian countries will not obey it, and over 30-years old singlehull tankers will still haul oil on extremely cheap dayrates.
(By all means - if they get somebody to insure their cargoes lol..)

South-Korea newly announced that it will not allow singlehull tankers in its territorial limits. That order came after an oil tanker/tugboat accident and quite a big environmental disaster on its western coast. South-Korea's decision will diminish the number of singlehull tankers remarkably, so they will either be rebuilt or scrapped.

Since 1996 it has not been allowed to build new singlehull tankers.