The market may need to get comfortable with tankers trading for longer, panellists at Capital Link’s International Shipping Forum said on Monday.

Owners of crude and product tankers said that with so few ships on order and so much uncertainty around future fuels, the global fleet may simply need to get older.

Hafnia chief executive Mikael Skov said if product tanker owners want to order 350 MR tankers, “I’m not even sure that would be enough to cover the shortfall”.

“We’ve underinvested, just like in the oil and gas industry, and I don’t think we can catch up,” he said during the event’s product tanker panel.

“I think what you’re going to be seeing is … how to create more length on the current fleet we have.”

Ridgebury Tankers chief executive Robert Burke said during the crude tanker panel that keeping ships running for longer is doable and would lead to fewer issues around scrapping, which comes with environmental and humanitarian concerns.

Burke’s company aims to operate quality ageing tonnage for longer.

“I personally think it’s ridiculous to throw these things away when they’re 20 years old,” he said.

“There’s money in it. There’s an [environment, social and governance] angle in it with scrapping.

“If you envision 25 years, it’ll be 25 years.”

On the crude tanker panel, owners said they would need the backing of long-term charters to place orders.

International Seaways chief executive Lois Zabrocky said her company would likely need a seven-year charter to consider buying a new ship.

“The customers need to see that ‘Hmm, perhaps I’m not going to be spoiled for choice unless we work together to find some solutions,’” she said.

Burke said in the 1960s and 1970s oil companies primarily had ships on charter and the spot market was on the fringe before the arrangement flipped.

“Now I think it’s going back the other way where there will be a shortage of ships,” he said. “Most people you talk to don’t want to go out and buy a ship at $140m.”