The tanker market is predicted to make an upturn in 2014. Peter Evensen, CEO of Teekay Corp, said that tanker market will see a gradual recovery later this year and a meaningful rebound during the second half of 2014.
He elaborated further that timing for an upturn will be different by ship types, saying that aframaxes and product tankers are passing through overcapacity problem, while suezmaxes and very large vessels are still waiting for a lot to be delivered.
According to CEO Evensen, net fleet growth of aframax for 2012 declined up to less than 1%, whereas that of very large crude oil carrier marked at 6%.
Meanwhile, Mr Evensen revealed that the company plans to order newbuilding investment in the tanker segment within this year, saying "I anticipate we’ll place an order for a new generation of tankers, an area where we haven’t really grown."