The VLCC markets have staged a modest recovery ahead of market speculation that OPEC may relax production cut discipline and rising bunker prices which are providing a negotiating point for owners. The VLCC market remains oversupplied with tonnage, but there are other tools at the immediate disposal of owners. The average speed of the VLCC fleet has not dropped to the levels seen in historical data in the high oil price environment and low earnings of 2013. Slowing ships down further could help reduce the supply of available vessels.
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There Is a Steady Growth in the Number of Indian Seafarers Employed: Dr. Malini V. Shankar, (IAS), Director General of Shipping
India Shipping and Offshore Summit