VOL. XXXVII

NO. 21

21-FEBRUARY-1994

Still A Testing Time For Tankers

by Kevin Shilleto

Mr. Shilleto, who wrote this article for MEES, is a Director of the Londonshipping consultants Internaft Ltd.

It is midwinter and tanker rates stand at an all time low - close to $5,000 aday for an existing VLCC (Very Large Crude Carrier) when newbuildings nowentering service require $40,000 to trade profitably. Obviously the boom envisaged by tanker owners who rushed to public subscription last year on thebasis...