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Global Oil Tanker Industry
There has been significant differences in rates with the oil tanker industry this year compared to the last few years. Many factors affect changes in rates, one factor is the total fleet capacity increasing in size. BIMCO.org has projected that growth of the oil tanker industry will be 1.8% and the product tanker growth capacity rate at 2% in 2020. Last year, the global oil tanker market occupied 568 million dwt (dead weight tons) as recorded by statista.com, mainly due to significant expansion in the liquid natural gas sector