BW Maritime Idles Two Supertankers, Plans to Mothball Third

BW Maritime, a Singapore-based owner of 15 supertankers, said it temporarily idled two of the vessels and is mothballing a third for a longer duration as earnings plunge to the lowest since at least 1997.

“In the short term we are holding them back because we feel rates are too low,” Chief Executive Officer Andreas Sohmen-Pao said by phone today from London. A third 1994-built supertanker is being removed for a longer duration, a process known as cold lay up, he said.