Crude Oil Tanker Deliveries Hit 36-Year Low in 2024
In 2024, the delivery of new crude oil tankers hit a 36-year low, with only 17 new tankers totaling 2.5 million DWT. The recycling of tankers increased, resulting in minimal fleet growth of 0.2%. Despite a rise in earnings in 2022, new ship contracting fell by 83%, leading to increased age of tankers.