Surging investment in the MR tanker segment seems to bring disappointment.
Although the MR orderbook stands at just over 10% of the fleet and the demand is likely to grow by refinery development in the Middle East, the real potential of the market may have been overblown, Intermodal explains.
George Lazaridis says bigger vessels are to benefit most, explaining "At the same time as the voyage distance starts to increase, these larger sizes become better suited to take advantage of these routes due to the extra benefits offered by the economies of scale.”
“Large product tankers such as LR1s and LR2s are most likely to benefit, leaving the MR tanker range oversupplied and with slacking demand”, Lazaridis added.