"Slowest growth in oil demand in 6 years" to drive tanker rates down 65%

[ByLoSellHi]

Quote from Pekelo:

OK, then my view agrees with them. (and I can even explain it, not just guessing about the future)

Since we have peak oil happening with a plateau right now, I (or anybody with common sense) can see that demand/consumption can not be bigger than supply (thus I said you can use useage or production instead of demand), thus yes, they just built all those tankers in time for very,very limited or no growth....

Right. I agree almost completely. With one caveat:

Viewing the past six years, they said the growth rate in oil demand/usage is now at its low point.

But yes, the fact that they chose to build and float so many ships certainly is helping (an understatement) to drive tanker rates down as much as they claim.

So, they may not have picked the most opportune time to ramp up supply of new tankers, unless oil demand/usage growth accelerates soon.