The supply of crude oil tankers is expected to grow by 6 per cent this year and daily rates are seen staying low due to oversupply and slack demand, shipping industry association Bimco has said.

Bimco has forecast that daily oil tanker rates will settle around $ 10,000 to $ 20,000 this year.

That forecast, which is an average of rates for very large crude carriers (VLCCs), Aframax and Suezmax tankers, compares with an average daily 2011 rate for VLCCs of about $ 17,000, which was a record low annual average.

VLCC rates are down from historical peaks above $ 200,000 per day in an exceptional spike in 2007 and down from an average of around $ 32,000 per day in 2009, which was a disastrous year for shipping as global economic growth hit the skids.

Bimco said it saw daily rates for long-range and medium-range product tankers staying this year in a range of $ 5,000 to $ 10,000, with more upside potential than downside.

The world's crude oil tanker fleet grew by 6.2 per cent in 2011 as 33 deadweight tonnes (DWT) of new vessels was launched, up significantly from 2010, Bimco said in a new market overview.

The Association said it expected the supply of product tankers, which are used to transport refined oil products, to grow in 2012 by a little more than 3 per cent.

Nine new VLCCs have been launched this year, while only a few new product tankers have entered the market, Bimco said.