Asia-Middle East tanker fees keep rising after 2000

June 23, 1997 Tanker charges between Asia and the Middle East should continue to rise moderately toward and beyond 2000 due to Asia's increasing dependence on crude oil from the region, Mitsui O.S.K. Lines said in a report. The tanker service market improved for the second straight year in 1996, with fees hitting their highest levels since the Gulf War. While crude oil transport between Asia and the Middle East is expected to grow in 1997 and after, output in the North Sea, other parts of Europe and the U.S. may peak in 2000, the report added.
With orders for new tanker construction declining, in 1997 only 4 VLCC's in the 200,000 dwt ton-class will be completed, with 17 in 1998 and 11 in 1999, according to the report.