Page 33 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΣΕΠΤΕΜΒΡΙΟΣ 2022

SEAFRONT

months. Recently, Mitsui O.S.K. Lines
ordered two dual-fuel LNG VLCCs from
Dalian COSCO KHI Ship Engineering,
with a delivery horizon between 2025
and 2026. Until recently, the orderbook
consisted of 39 VLCCs, of which nine-
teen are scheduled for delivery this year
and the rest in 2023 and 2024.
The Xclusiv report analyses the factors
that have kept shipowners away from
ordering VLCCs. The shipbroking com-
pany says that uncertainty regarding
environmental regulations may explain
the reduced demand for VLCC new-
builds. At the same time, the signif-
icant increase in steel prices means
that building costs for these ships also
went up. Indicatively, a VLCC is currently
priced at $118 million, representing a
28%, 36% and 15% increase compared
to 2019, 2020 and 2021, respectively.
The poor charter market for VLCCs over
the past 19 months and unavailable
shipyard slots have also affected orders.
However, this trend seems to be chang-
ing. The freight market is on an upward
trend, and steel prices are dropping rel-
ative to the very high levels of May 2021,
giving wings to the order market. At the
same time, Iran is seeking to increase
oil production and exports, while Ven-
ezuela is re-emerging as a potential
supplier to Europe. The above, com-
bined with the official EU embargo on
Russia at the beginning of December,
creates optimism for a further rise in
the freight market, with analysts esti-
mating that the spot market for VLCCs
will approach $100,000. On the con-

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