Above all, the fall in the transport of oil tankers was due to the blockade restriction applied in several important economies to contain the spread of the virus, which caused a contraction of 4.2% of world GDP during 2020
The supply of oil tankers is determined by the size of the existing fleet, measured in terms of dwt.
According to the Pysxis Tankers company, crude oil, oils and chemicals are essentially transported by four different types of tank bunkers.
Finally, there is a fleet of specialty chemicals, all IMO qualified, and used primarily in the transport of chemicals and vegetable oils and fats.
The pure chemicals fleet represents almost 26.7% of all tankers that can transport products, but because most trade chemicals, it is excluded from the fleet analysis and the order book.
The attack on the Colonial pipeline network has forced refineries on the Gulf of Mexico coast to reduce their operations due to lack of storage space.
The current market for tankers is essentially in the hands of the shipowners and their decisions on how to develop their fleets in the future, raises an article by McQuilling Partner that, to reach that consensus, analyzed different scenarios of supply of tankers with the market of the VLCCs for reference.