Charles Rupinski:
“We are becoming more constructive on the oil tanker market for 2010 and beyond due to a number of factors: 1) We believe that OPEC will move to higher production levels, due to an Asian recovery and drawdown of OECD oil stocks over the next several quarters; 2) we are expecting an increased level of demolition of older vessel tonnage in the run-up to 2010 IMO single hull phase out; 3) as we have written in the past, some of the recent announcements out of Brazil and Venezuela regarding crude oil deals with China and Russia could result in the need for as many as 20-40 VLCCs per year over the medium term, which would absorb as much as 40% of the VLCCs scheduled for delivery worldwide through 2010; and 4) given the weak dollar, we are not forecasting a de-stocking of seaborne oil storage any time soon.”

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