This year has seen a continuing trend of new ships being ordered in light of the opening up of economies after the global pandemic. Increases in freight rates, as a result of increased demand to move goods and commodities following the lockdown, has meant it is a good time to be a ship owner right now.
Now that yards are filling up with orders so far ahead in time, there is even talk of bringing mothballed building space back in to production in order to satisfy the unprecedented demand for new ships which is taking place right now. This can only mean good things for the marine industry and our own company looking ahead.
The offshore oil and gas industry, which saw crude rates fall to some of the lowest ever seen last year, had fully laden tankers sitting out at sea during the lockdown period when oil demand was so low. Now that things are moving again we are witnessing large increases in the crude oil price as demand has returned to pre-pandemic levels, which is again, another good sign.
We have even recently received orders for offshore support vessels which means that rigs are mobilizing to start drilling again because the price of crude oil is now at a level where it is feasible to drill out at sea once again.