Scorpio managed it. Frontline didn't. And now two other tanker titans have entered merger talks.
The two tanker companines in question are Hafnia and Diamond S Shipping. Shoud the two entities combine they would form an 82 vessel company.
Led by the affable Mikael Skov, Danish owner Hafnia Tankers has not bought any secondhand vessels since February 2015 and the last newbuilding orders were placed on 28 Februrary 2014. The last newbuild order was delivered on the 18th May 2017.
Diamond S last bought second hand vessels on the 12 Dec 2013 and the last newbuilding delivery was taken on 18 November 2016.
Combining their fleets, rather than purchasing more vessels, would make them the 14th largest tanker company by value according to industry analysts VesselsValue.
Diamond S Shipping was jointly founded by Craig Stevenson, former CEO of OMI Corp, and First Reserve bank in 2007. No stranger to consolidating the market, Diamond S purchased 30 tankers and charters from Hong Kong owner Cido in 2010 for a reported US$1.2 billion.
More recently it entered into a joint venture with Euronav and Fronline to to create Suezmax Chartering, a single point of contact for cargo owners to access a large fleet of modern Suezmax vessels, including newbuildings, operated on the spot market.