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CRUDE OIL & PRODUCT TANKERS, part 1: Tempting prices, too low to say no?

This is an extract of our Market Insight Report

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One may say, that after almost no ordering in 2016, any new contract placed in the shipyard may look like an improvement, but the current pace of ordering is more than unusual. According to IHS Markit data, only in the VLCC segment, there have been 26 ships ordered in the first 5 months of the year. Compared to only three such contracts placed during the same period in 2016, an increase of activity is more than visible. At the same time, there were 47 VLCCs and 26 Suezmaxes delivered last year and another 52 and 65 are expected to hit the water in 2017, allowing the fleet to grow by 6% and 8% respectively.
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