Because the writing is on the wall concerning the use of earth-based fuels like oil and gasoline – the climate change brigade wants these made obsolete – the owners of tankers that use such products are holding out on ordering new ships until it becomes clear the direction the “clean” energy industry is going to take.
“To decarbonize shipping, you either need an onboard carbon-capture system (which doesn’t exist yet) or to build new vessels that burn something other than fuel oil,” reported Greg Miller, writing for Freight Waves.
“The regulations on this new fuel haven’t been written yet. So, why
would tanker owners in the business of making money accept the
residual-value risk of ordering ships that could be prematurely obsolete
after the rules are written? … The answer is: They haven’t and they
won’t. There is now a historically low number of crude and product
tankers on order.”...<<<Read More>>>...