Many older tankers are undergoing extra surveys to extend their lifespan, with some even opting for a fifth survey at 25 years old. This trend has coincided with the rise of the so-called shadow fleet, including sanction-busting and uninsured tankers.
While these pose environmental and political concerns, they've also contributed to improved conditions in legitimate tanker freight markets.
Braemar suggests that mainstream charterers might consider using older tankers over 19 years old, especially as there's little growth expected in modern-eco tonnage capacity in the near future. This means the 'under 20' rule could start having more exceptions as time goes on.