With the backdrop of a high number of deliveries, the fleet grew annually by 4.7% to 462.3 million dwt in May. Despite strong deliveries in the first five months, the current orderbook is still robust and contains 11.2% of the existing tonnage, of which 62 product tankers and 97 crude tankers are expected to be delivered in 2017. Although slippages are imminent, the scheduled deliveries will keep rates in check in the second half of the year. The tight financial situation of shipowners as well as cash-strapped building yards may lead to cancellation of a few vessels.
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