For the first time in nearly 3 decades, a shipowner has chosen to mothball a freshly built...

|By:, SA News Editor

For the first time in nearly 3 decades, a shipowner has chosen to mothball a freshly built supertanker as a glut of capacity drives leasing rates to unprofitable levels. "It's hard to see (this) saving the tanker industry as ships that get laid up will just come back into the market when rates jump," says a shipbroker.