Oil tankers face choppy waters over the next 18 months as a torrent of new ships pushes down freight rates, just as buoyant oil demand slows, potentially ending a successful run for the sector. Owners of very large crude carriers (VLCC) and Suezmax tankers, the workhorses of seaborne crude oil transportation, had their best year in 2015 since the boom times of 2008 and the trend has continued in the first half of 2016. Strong crude demand and port congestion from China to Iraq have forced oil into offshore tanker storage in ports such as Singapore and Rotterdam, providing owners with extra revenue in an already tight market and pushing up day-rates. But daily charter rates are seen falling in the second half of 2016, with the global fleet set to expand by seven percent in just six months as owners take delivery of some 85 new VLCC and […]