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Poten urges caution following VLCC newbuilding order surge - TradeWinds

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Poten warns of VLCC ordering surge with shifting oil demand dynamics in Asia | TradeWinds

US shipbroker Poten & Partners has cautioned against excessive ordering of VLCC newbuildings given the evolving dynamics of the tanker market.

Some 19 VLCCs were contracted in the first two months of 2024, exceeding the total of 18 ordered in the whole of last year.

For many years, VLCCs have been regarded as the “bellwether” of the tanker market, often serving as the harbinger of improvements within the market.

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While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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