World’s tanker fleet is ‘close to 100 percent utilization’

A lack of spare oil tankers and an increase in OPEC production are driving shipping rates to records, said Morten Arntzen, CEO of Overseas Shipholding Group, the largest U.S.-based oil tanker owner.

“This is the first time in 31 years that we’ve had close to 100 percent utilization of the world’s tanker fleet,” Arntzen said last week. “Right now there is almost a perfect balance between supply and demand.”

http://www.chron.com/cs/CDA/ssistory.mpl/business/2899346