The oil tanker market has been depressed since 2008. A combination of oversupply within the industry as well as slumping daily spot rates has thrown almost all tanker companies into a loss making position and this pressure on the industry is unlikely to disappear anytime soon. Indeed, according to some sources, it is now cheaper to buy a new tanker rather than a secondhand one, as shipyards are slashing prices in order to attract customers.
That said, shipyards are still working off the huge order backlog that was built...
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