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Time to order tanker newbuilds?

A newbuilding VLCC price has gone up by nearly 20% over the past nine months. But Gibson argues given the bright outlook of a freight market recovery, ordering fresh tanker tonnage might be ‘not a bad option after all’

Newbuilding prices are not expected to drop from high levels any time soon and the freight markets might well have turned the corner to bring decent earnings upon vessel delivery from 2024 if the order is placed now. So is the time ripe now?

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