Download McQuilling Services 2018 Offshore Floating Systems Snapshot for a quick look at the age profile of the offshore floating fleet, size distribution, major deployment locations as well as newbuildings under construction and vessels undergoing conversion.
The tanker demolition market has picked up the pace in 2018, following a period of below average deletions due to favorable market conditions and younger fleet profiles. From our analysis, one market factor does not drive tanker demolitions, but rather a confluence of factors such as an aging fleet, depressed freight rates, higher steel scrap prices and regulatory constraints, but also micro considerations from owners.
McQuilling Services provides a summary of key market indicators reflecting past performance and future expectations in an easy to read scorecard format. This document displays a snapshot view of what to expect over the next year in comparison to previous market performance.
Our overall forecast performance for 2017 was within 6.4% of actual market freight rates across the 19 trades that were monitored in the 2017 Outlook. This was achieved throughout a year that could be characterized by significant tanker oversupply, geopolitical tensions and evolving oil market fundamentals. This metric is a measure of the absolute average of the total variation on a trade-by-trade basis, regardless of whether we overcast or undercast the market on each trade. In other words, it is a measure of how close we came, on average, to the actual spot market rates observed on each trade.