In 2024, the global tanker industry faces a dire situation with only two new supertankers slated for construction, marking a staggering 90% decrease from the annual average observed since the early 2000s.

The repercussions of this scarcity are already being felt as owners increasingly avoid traversing the southern Red Sea, leading to a palpable shortage in capacity. Consequently, freight rates are skyrocketing, and voyage lengths are extending, as reported by Bloomberg.

Compounding the issue, ships are now opting to sail around southern Africa instead of utilizing the traditional route through the Red Sea and Suez Canal. Moreover, the emergence of a burgeoning shadow fleet further exacerbates the situation, restricting access to many ships for certain customers.

According to Banchero Costa, the outlook remains grim as only five new supertankers are anticipated to join the fleet in 2025, compared to a significant influx of 42 ships delivered in 2022.