Tanker Companies Mull Fleet Expansion

According to a Feb. 8 report from Bloomberg, Tanker companies including General Maritime Corp. and Tsakos Energy Navigation Ltd. may expand their fleets after the recession sent ship costs to five-year lows last year. Prices for five-year-old very-large crude carriers, or VLCCs, dropped to $77.1m on Dec. 14, the lowest level since March 2004, according to price assessments compiled by the London-based Baltic Exchange.

(Source: Taiwan News)