The combined crude and product tanker fleet (10,000+ dwt) expanded by a net 1.1% (or 6.02M dwt of 60 ships) in January-May of this year, down sharply from net growth of 3.1% (16.92M dwt) in the first five months of 2017. The reduction reflects a lower level of deliveries in both the crude and product tanker sector as well as an acceleration in scrapping that has in part been triggered by the very weak earnings environment in 2018 so far.
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